A real industry project is actually very similar to how simulations are done. The similarity is that each member of the group usually does their own research before meeting. When you meet in person you will discuss possible solutions as done in the simulations. Your team will discuss the pros and cons to each solution. One difference is that when you meet face to face, it might take only a day or so to come up with a solution instead of a whole week. Also, depending on the type of company you work for, there are a lot more issues you would face. A possible issue is that most companies have a set budget and sometimes it may be too low. Also, a project may not be a priority and get a smaller budget then another project. In a real industry project there are much more barriers.