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  • 1.  Statistical Education for Business Major Young Professionals

    Posted 09-10-2015 13:37

    Dear all,

    I have an opportunity to provide a 2-hour stat lesson for business major young professionals in several Fortune 100 corporate companies at a talent development training.

    I have full discretion as to what to teach during this stat session. My experience teaching Business Stats and Elementary Stats at college level tells me that I won't be able to cover too many advance stat knowledge in the 2-hour timeframe. 

    There is no way I could cover descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals,linear regression, and correlation within 2 hours. What would you suggestions be? 

    Appreciate your time and comments! Thank you!

     


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    Tai Yean Teh
    Oklahoma
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  • 2.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-11-2015 04:30

    Teaching anything asked the most elementary level is a very difficult task.  Remember, this may be the only statistics these students ever learn about, so you will be having an enormous influence on them.  I don't think you should teach any of the topics you mention (except, perhaps, an example of the binomial theorem).  You should teach them why statistics is important and why statisticians may be important for them.  In the real world, there is always risk and uncertainty.  Statistics and good statisticians can help quantify and minimize that uncertainty to help make decisions and plan studies.  However, this must always be a partnership process because it cannot be done without expert knowledge in the field – which the statistician may not have.  I believe the next issue of Significance will have an article that could help you: "Warren Buffett – Oracle or orangutan?"

    Good luck!

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    Robert Elston
    Case Western Reserve University
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    Original Message


  • 3.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-11-2015 04:37
    Teaching anything at the most elementary level is an extremely difficult task. Remember, this may be all the students will ever learn about statistics, so you will be having an everlasting influence on them. I don't think you should teach any of the topics you mention (except perhaps, by example, the binomial theorem), but rather what statistics (and good stratisticians) can do for them: help them make decisions and plan studies in situations where there is uncertainty and risk. In the real world there is always uncertainty and risk: statstics can help quantify and minimize that risk, but it must always be done in a partnership process, with someone who has expert knowledge in the relevant field. I believe the next issue of Significance will have something that might help you - "Warren Buffet: Oracle or Orang-utang?".

    Good luck!

    Robert

    Robert C. Elston,                                                            
    Distinguished University Professor Emeritus    Email:  robert.elston@cwru.edu                         
    Case Western Reserve University                    Website: http://darwin.cwru.edu/rce/  
            
    3000 Galloway Ridge, Apt G301                      Phone:  919-542-0841
    Pittsboro NC 27312

       



    Original Message


  • 4.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-11-2015 07:43

    I am thinking the basic descriptive statistics are important, hypothesis tests, regression and correlation. Using the technology to crunch the numbers will help with time. They are already in business, so they do not need to be sitting there working formulas. Have some data in an Excel file that you can disseminate to them either before or available for download there. This way they can have some hands on with it. A small handout with key Excel commands for statistics that they can take back to work with them would be helpful. Also, talk about more than linear regression. With technology, you can at least show them a few others. Life is rarely linear...

    If the companies use a statistical software, substitute that for Excel.

    I am interested in what others think.


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    Sandra Chandler
    Instructor of Mathematics
    Kennesaw State University
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    Original Message


  • 5.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-11-2015 10:27

    Based upon my career experience, I understand your dilemma.  Assuming you will have the names and contact information of the participants, with some lead time, before the conference, I would suggest that you contact each of them and ask a few questions of them about how they now use quantitative methods on the job and how they may be expected to use them in the future (as well, inquire about their past stats classes).  Then design your presentation around their responses.  Attendees of these types of conferences want, more than anything else, knowledge that they view as relevant to their jobs and careers.
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    Gretchen Donahue
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    Original Message


  • 6.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-14-2015 05:07

    I really appreciate all the insightful suggestions you have shared! They are very helpful for me to get started with the presentation preparation. Looking forward to read the award-winning article by James Skeffington - "Warren Buffett - Oracle or Orangutan". 


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    Tai Yean Teh
    Oklahoma

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    Original Message


  • 7.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-14-2015 09:41



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    Richard De Veaux
    Williams College
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    Original Message


  • 8.  RE: Statistical Education for Business Major Young Professionals

    Posted 09-14-2015 10:43

    I would talk about the idea of a model – the basic concept of using an equation to describe what is happening.  This could bring in the differences between statistical models, deterministic models, evidence base vs. theory base, etc.

     

                    Peter Wollan

     

     

     


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