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The purpose of this study was to explore the construct perceived learning and its relationship to objective indicators of learning and also to performance. In this study, perceptions of learning were divided into ten types for measurement purposes. The study was undertaken with seniors playing a total enterprise simulation. The results showed no relationship between perceptions and objective measures of learning. In other words, those who perceived that they learned a lot did not attain either high or low objective learning scores. On the other hand, there was a positive relationship between perception of learning and performance.
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