ERIC Number: EJ1324802
Record Type: Journal
Publication Date: 2022-Jan
Pages: 12
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1540-4595
EISSN: N/A
Available Date: N/A
Teaching Bayesian and Markov Methods in Business Analytics Curricula: An Integrated Approach
Johnson, Marina E.; Misra, Ram; Berenson, Mark
Decision Sciences Journal of Innovative Education, v20 n1 p17-28 Jan 2022
In the era of artificial intelligence (AI), big data (BD), and digital transformation (DT), analytics students should gain the ability to solve business problems by integrating various methods. This teaching brief illustrates how two such methods--Bayesian analysis and Markov chains--can be combined to enhance student learning using the Analytics Project Life Cycle Management (APLCM) approach and a case study involving qualitative forecasting. The theoretical frameworks for combining Bayesian and Markov methods are developed, and a forecasting solution is implemented in both MS Excel and Python. Based on an assessment of student learning, applying this pedagogical approach helps students better use these disjoint methods and appreciate the value of integrating them. Although this teaching brief is designed and most appropriate for graduate students with previous BA courses, it can also be used in upper-level courses within an undergraduate BA curriculum. Finally, this teaching brief provides the instructors wishing to use this pedagogical approach in their appropriate courses with the necessary resources (i.e., case study, in-class example, and the MS Excel and Python templates).
Descriptors: Bayesian Statistics, Programming Languages, Artificial Intelligence, Data Analysis, Statistics Education, Business Administration Education, Markov Processes, Computer Software, Learning Processes, Teaching Methods, Graduate Students, Undergraduate Students, Course Descriptions
Wiley. Available from: John Wiley & Sons, Inc. 111 River Street, Hoboken, NJ 07030. Tel: 800-835-6770; e-mail: cs-journals@wiley.com; Web site: https://www.wiley.com/en-us
Publication Type: Journal Articles; Guides - Classroom - Teacher; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: Teachers; Students
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A
Author Affiliations: N/A