Statistics in Business. That’s what it’s all about. And BusinessWeek just revealed our real secret – “Statistics is becoming core skills for businesspeople and consumers… Winners will know how to use statistics – and how to spot when others are dissembling” (Why Math Will Rock Your World, 1/23/2006)
So I no longer need to arch my shoulders and shrink when asked “what do you teach?”
I’ve been teaching statistics for more than a decade now. Until 2002 I taught mainly engineering students. And then it was called “statistics”. Then, I moved to the Robert H Smith School of Business, and started teaching “data analysis”. And now it’s “data mining”, “business analytics”, “business intelligence”, and anything that will keep the fear level down.
But in truth, the use of statistical thinking in business is exciting, fruitful, and extremely powerful. Our MBA elective class “Data Analysis for Decision Makers” has grown to parallel sessions, wait-lists, and some very happy MBAs. The reason is simple: the statistical thinking and toolkit is a necessity for excelling in business analytics.
I plan to post on a variety of issues that relate to statistics in business, teaching statistics and data mining, and more. You are all welcome to post replies!