Summary statistics and data visualizations are often used to explore data and draw preliminary conclusions. Although valuable, these tools do not always reveal the underlying patterns and trends in the data and can sometimes be misleading. We describe an approach for teaching the need for more advanced statistical analysis using multiple linear…

It has become increasingly important for future business professionals to understand statistical computing methods as data science has gained widespread use in contemporary organizational decision processes in recent years. Used by scores of academics and practitioners in a variety of fields, Monte Carlo simulation is one of the most broadly…