Business Analytics at a Liberal Business Analytics at a Liberal Arts Institution: Furman’s Arts Institution: Furman’s

ExperienceExperience

Kirk KarwanKirk Karwan

Department of Business & Accounting Department of Business & Accounting Furman UniversityFurman University

Furman Today

• Private, liberal arts, all undergraduate• In Greenville, SC along I-85• Business program, Economics dept.,• no statistics department• Division I Sports

My Current Undergraduate My Current Undergraduate Class at FurmanClass at Furman

BUS 337 – Business Analytics IBUS 337 – Business Analytics I Spring 2013, 28 juniors and seniors, Spring 2013, 28 juniors and seniors,

heavily Business Administration majors. heavily Business Administration majors. Spring 2014, 26 students, more diversitySpring 2014, 26 students, more diversity Background primarily limited to an Background primarily limited to an

introductory economics-based statistics introductory economics-based statistics coursecourse

ApproachApproach

A course about descriptive and A course about descriptive and (primarily) predictive analytics(primarily) predictive analytics

Using Evans Using Evans Business Analytics Business Analytics text text and Frontline Systems XL Miner and Frontline Systems XL Miner softwaresoftware

Initial ConcernsInitial Concerns

A return to yesteryear – student A return to yesteryear – student interest had waned for a long timeinterest had waned for a long time• Student experience with statisticsStudent experience with statistics

Student capabilitiesStudent capabilities Readily available materialsReadily available materials Accommodation of both methods Accommodation of both methods

AND interpretation/understandingAND interpretation/understanding

The Very Good NewsThe Very Good News

As students learn descriptive As students learn descriptive statistics using EXCEL, their statistics using EXCEL, their quantitative thinking, abilities, and quantitative thinking, abilities, and confidence all increased quickly.confidence all increased quickly.

Student interest (even excitement) Student interest (even excitement) increased with relevant examples! increased with relevant examples! Athletics, college admissions, credit Athletics, college admissions, credit scoring, market segmentation, etc.scoring, market segmentation, etc.

Dealing with the Danger…Dealing with the Danger…

Most students will know less than Most students will know less than they think they do. Be aware of their they think they do. Be aware of their willingness to over-interpret (or, not willingness to over-interpret (or, not interpret at all). This offers a good interpret at all). This offers a good opportunity to explain what statistics opportunity to explain what statistics and analysis IS and IS NOT!and analysis IS and IS NOT!

A Caution Thus Far…A Caution Thus Far…

Do not get lost in the technical Do not get lost in the technical terminology. Business students terminology. Business students STILL will not get it. The examples STILL will not get it. The examples are rich in context and in terms of are rich in context and in terms of ‘neural feedback’, so emphasize ‘neural feedback’, so emphasize context and move concepts in slowly. context and move concepts in slowly.

Anecdotes on Muddling ThroughAnecdotes on Muddling Through

Making it ‘sexy’. Making it ‘sexy’. • The Target ExampleThe Target Example• Sports data – MoneyBallSports data – MoneyBall

Making the data gathering Making the data gathering component realcomponent real• NCAA Basketball – the right time of the NCAA Basketball – the right time of the

year!year!

How Target Figured Out A Teen Girl Was Pregnant Before Her

Father Did

Two-Stage and Two-Pronged Two-Stage and Two-Pronged Approach at FurmanApproach at Furman

Separate courses in different Separate courses in different departmentsdepartments• Business Analytics I and II in Business Business Analytics I and II in Business

AdministrationAdministration• Courses in Math, CS and SociologyCourses in Math, CS and Sociology

An An interdisciplinary minorinterdisciplinary minor among among Business Administration, Computer Business Administration, Computer Science, and MathematicsScience, and Mathematics

Business Student AwarenessBusiness Student Awareness

Important to be fed by other Important to be fed by other coursework and experiencescoursework and experiences• We have an integrated curriculum with We have an integrated curriculum with

visiting executivesvisiting executives• Job prospects…in our case, EXCEL is keyJob prospects…in our case, EXCEL is key• Virtually all disciplines can contribute; Virtually all disciplines can contribute;

applications are powerfulapplications are powerful

CaveatCaveat

We could mess this up again…think We could mess this up again…think OR and MISOR and MIS

Interdisciplinary MinorInterdisciplinary Minor

A serious challenge, even at a school A serious challenge, even at a school like Furmanlike Furman

Mathematics, Computer Science and Mathematics, Computer Science and Economics faculty members are in Economics faculty members are in favor, but disparate ways of thinking favor, but disparate ways of thinking about it and degree of compromise is about it and degree of compromise is an issuean issue• Analogous question in B-Schools…Analogous question in B-Schools…