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Trying to Give Business Students What They Need for Their Future

Trying to Give Business Students What They Need for Their Future. Bob Andrews Virginia Commonwealth University. Context. My undergraduate experience (never collected any data – only analyzed existing data) Introductory Courses I teach (2 semester undergraduate or 1 semester graduate)

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Trying to Give Business Students What They Need for Their Future

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  1. Trying to Give Business Students What They Need for Their Future Bob Andrews Virginia Commonwealth University

  2. Context My undergraduate experience (never collected any data – only analyzed existing data) Introductory Courses I teach (2 semester undergraduate or 1 semester graduate) Use Excel and JMP for computational software. Students conditioned to memorize procedures and reproduce them Student failure to recognize unreasonable answers Sources of Data Business Students will encounter Data from a fixed population Data observed at a specific time Time Series Data observed at specified time intervals Process Data (data explosion is happening here) Student performance on problems requiring them to choose which analysis method to use.

  3. I will focus on three areas that I think are important for business students that receive little focus in the typical business statistics textbook Asking the question, “Is my answer reasonable in this situation?” Process data and the importance of checking for the stability of underlying characteristics for data gathered over timebefore performing an analysis procedure that assumes constant characteristics. Discerning the most appropriate procedure to use for a particular scenario. (Know what to do, Know how to do it, Know how to interpret it)

  4. Topic Outline for My Introductory Courses

  5. Project for Process Data Each student selects an activity that is done on a daily basis in a typical work or calendar week. Each day for at least 25 days the student records: date day of week time to complete activity (T) a separate categorical variable (C) a separate quantitative variable (Q) Operational definitions must be supplied for measuring each variable.

  6. Process Project Report includes: A run chart for each of the quantitative variables (T & Q) to assess the stability of the process characteristics for these data. Plot, correlation and regression line to assess if there is a linear relationship between two quantitative variables (T & Q) Graph and statistical measures to assess if there is a relationship between time (T) and the categorical variable (C). Student provided information to assess if there is a relationship between time (T) and the day of the week. An executive summary (200 words or less) of findings relative to any relationship between time (T) and any other observed variable.

  7. JMP dialog box for testing/modeling relationship between two variables

  8. Project 2 Features Data set with 5 variables: C1 Categorical Variable 1 is to have two categories (5 or more per category group) C2 Categorical Variable 2 is to have three categories (5 or more per category group) Q1 Quantitative Variable 1 is to have a quantitative measurement.   Q2 Quantitative Variable 2 is to have a different quantitative measurement R Response Variable Project asks students to give a statement of belief about the relationships between variables before performing any analysis. The students are to assess using appropriate graphs and testing procedures to determine if the data support the respective belief statements.

  9. Thank You Pearson for partnering with faculty as we Try to Give Business Students What They Need for Their FutureWe value events like this one and your Business Statistics Forum that has dovetailed with the Making Statistics More Effective in Schools of Businesssessions of the Southeast Region of the Decision Science Institute meetings.Future Making Statistics More Effective in Schools of Business events: Sunday & Monday, November 18 & 19, DSI, San Franciscohttp://www.decisionsciences.org/Thursday & Friday, February 23 & 24, SEDSI, Charleston, SChttp://www.sedsi.org/To be a participant in Charleston contact me expressing your specific interest.http://www.people.vcu.edu/~randrews2013 Joint Statistical Meetings, August 3 - 8, 2013. Montréal, Québec, Canadahttp://www.amstat.org/meetings/jsm/2013/index.cfm

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