Mission 

The BISTLAB, established within the Faculty of Economics and Administrative Sciences at the International Balkan University, is committed to enhancing economic and financial education through immersive, simulation-based learning. Our mission is to equip students, educators, and researchers with industry-relevant tools and experiential learning platforms that bridge the gap between theory and practice. By fostering innovation, collaboration, and critical analysis, we aim to develop skilled professionals capable of making informed decisions in complex economic and financial environments.

Vision

Our vision is to become a leading academic hub for applied economic and financial education in the Western Balkans and beyond, where theory meets real-world practice. We aim to empower future economists, analysts, and policymakers through advanced simulation tools, collaborative research, and partnerships with industry and regulatory stakeholders. Through this, we aspire to shape a new generation of professionals who will contribute to sustainable economic development, informed policymaking, and financial innovation.

Objectives

The purpose of BISTLAB is to develop a comprehensive and innovative platform that leverages advanced simulation models and data integration to enhance economic analysis and decision-making processes. It will provide students, teachers, researchers, and industrial professionals with simulation models used to explore and analyze different scenarios, training programs, and collaborative opportunities. Moreover, the BISTLAB, as an academic hub for applied economic and financial knowledge, is going to foster a deeper understanding of economic dynamics, improve decision-making accuracy, and contribute to the advancement of economic research and education.

The main objectives include:

• Provide students with a more practical study approach and a real-world environment for learning.

• Provide teachers and policymakers with new, sophisticated economic analysis and decision-making methods in a real-world environment.

• Equip the center with applications for economic research, financial analyses (financial software for stock trading simulations, market analysis, and portfolio management), and decision-making.

• Foster collaboration between students, faculty, and financial and non-financial institutions, including government agencies and regulatory bodies.

• Enhance research capabilities in economics, introduce evidence-based policies, and provide more sophisticated techniques and methods for business/institutional planning.

• Creation of educational materials and multimedia content, developing new collaborative projects, organizing comprehensive training programs, workshops, seminars, and conferences.

Importance

BISTLAB will offer invaluable opportunities for teachers and students to merge theory with practice, foster academic excellence, and create a space for innovation in many industries. As a higher educational institution, this center will provide an educational and evaluation hub for students, researchers, and professionals about economic theories, models, and real-world applications through hands-on experience and simulations.

Moreover, it will:

1. Provide Economic Modeling and Analysis. This center can be used for developing and using sophisticated economic models to simulate various scenarios and their impacts on the Macedonian/global economy. This includes studying the effects of policy changes, market fluctuations, and the impact of global economic trends.

2. Providing a wind tunnel for policy evaluation. Providing policymakers with tools and insights to evaluate the potential outcomes of economic policies before implementation, helping to design more effective and efficient policies.

3. Securing Data-Driven Decision Making. Using data and simulations to support evidence-based decision-making for businesses, government, and other stakeholders, by enhancing their ability to forecast and plan strategically.

4. Providing infrastructure for research and development. Fostering research in economic theory and practice by providing a platform for testing hypotheses, exploring new ideas, and advancing the economy.

5. Stakeholder Engagement: Facilitating collaboration and communication among various stakeholders, including government agencies, private sector organizations, and academic institutions, to address economic challenges and opportunities.

6. Comprehensive academic hub that blends theory with practical skills, providing students with the tools they need to excel in a real, practical working environment beyond the academic classroom. Students will gain practical skills and experience that are highly valued by employers, making them more competitive after graduation.

Education Hub Development and Training Program:

Tasks:

1. Development of educational resources that incorporate theoretical and practical components

- Design of case studies, real-world applications, interactive simulations, and role-playing games.

- Creating high-quality educational materials such as textbooks, guides, and online resources.

- Develop multimedia content like video tutorials, webinars, and interactive modules.

2. Hosting training workshops on the usage of the installed software

- Organize hands-on workshops and seminars to provide practical training for teachers, students, and researchers.

- Include sessions on using simulation tools, interpreting results, and applying findings to real-world scenarios.

3. Running trial simulations and real-world testing

- Putting into use the developed simulation models and different sets of scenarios.

- Analysis of data to tailor the program content accordingly.

- Engaging students with the developed materials, allowing them to use simulation models across different disciplines.

- Engaging researchers with the models and encouraging them to use models for testing their research hypotheses, policy evaluations, etc.

BISTLAB Slogans:

 - A Leading Academic Hub for Applied Economic and Financial Education

 - Hub for Bridging Theory and Practice in Finance and Economics

- Simulating Today. Shaping Tomorrow