Integrating student projects with real‐world problems: the case of managing commodity price risk

Purpose – In this article, the authors aim to describe an approach used in a purchasing/supply management course at their university that provides students with a realistic, problem‐based learning experience with client involvement while maintaining consistent learning outcomes and a manageable faculty workload term after term. Students use a standardized approach to assess commodity price risk and decide upon an effective risk management strategy. The specific commodity that students analyze is selected by client companies who then actively participate in the course. Design/methodology/approach – An illustrative case is presented describing how universities can partner with companies to integrate student projects into the curriculum using a standardized, repeatable process. Findings – There are numerous benefits obtained for students, faculty, universities, and companies when engaging in commodity price analysis and risk management projects. These include the applied learning for students, providing new insights to companies, networking opportunities for students and companies that may lead to hiring, fostering closer relationships between universities and companies, providing research contacts and opportunities, and ensuring that the course is repeatable each semester. Originality/value – The authors' approach capitalizes on the realism of client involvement while reducing the variation in learning outcomes and increased workload introduced by doing different types of client‐based company projects each term.