The value of enterprise resource planning (ERP) systems to business organizations has long been recognized with their use being integrated into educational business curricula and training. ERPsim games incorporate live business simulations that enable students to learn about ERP concepts firsthand by working in teams and managing their own companies using SAP ERP software. Prior research has examined the use of ERPsim and learning outcomes, yet to date, there is little if any research that has explored the association of learning outcomes with student engagement and team dynamics, two areas that have continued to grow in importance in many business school programs. This research develops and tests a model to examine these relationships. Validated constructs and a validated survey instrument are created and verified. Study results indicate a positive association between student engagement, team dynamics, and learning outcomes. Results and implications are discussed, and recommendations for further research are presented.