2017

Stories related to "Students". http://www.chicagobooth.edu/magazine/spring-2017/rss

conversations

How Do You Avoid Paralysis by Analysis?

Knowing when to stop looking at data comes up constantly in my Algorithmic Marketing class. In this class, one of the main goals is to be able to develop tools that would help someone make better decisions. Building these tools relies on knowing what exactly the decision is or what the question is. Very often people don’t specify their question in a precise enough form. You need to write down a specific question—it can’t be a vague goal or a vague statement. It’s important to thoroughly articulate your question and your research plan. The more precise your question, the easier time you will have looking for an answer. The question in itself isn’t enough, though. We also need to specify the exact parameters of an acceptable answer. It doesn’t occur to people to write down specs of an answer, but that’s another thing that needs to be done before you get started. You need to give yourself some set of parameters to help you understand when you’re going to stop even before you start. These parameters could be a set of rules you have to satisfy. For example, if I’m looking at how advertising impacts sales, it might be that I am looking for a set of parameters in the context of a particular model. Knowing that helps you look in the right direction. You have to chart out what the ideal answer would be, and you have to chart out what you’re going to be satisfied with in the findings<br/>

conversations

It’s All Relative to this Booth Student Group

A recent addition among Booth student groups, the Private and Family Business Group started back in 2010, under the name Family Enterprise Group. Providing a forum for private and family business issues, the group today has about 25 members, who host discussions on the particular challenges of such entities, particularly in emerging markets. The group hosts small dinners, lunch ’n’ learns, off-campus cocktails, workshops, speakers, and discussions. Not all members are part of a family business; some want to know what it would be like to work for a family-run firm. Chicago Booth Magazine checked in with two of the group’s current leaders, both of whom are international students at turning points in their careers facing a big question: Should they stay in the United States and better their skills in corporate America, or return home to put their Booth education to use growing the family business?<br/>