­Mastering the Art of Decision-Making: Inside the Ultimate AI-Powered Business Simulation Challenge

Summary:

    1. Decision-making skills are crucial in business education, and incorporating behavioural sciences in the economics and business management curricula is essential.

    2. Behavioral economics and finance have become integral to modern business research and teaching, with interdisciplinary decision-making recognized.

    3. The author integrated behavioral elements into high school classrooms through experiments and simulations in 2022.

    4. Language Learning Models (LLMs) offer ease of adaptation, "teacher friendliness", personalized learning, and immediate feedback in simulations.

    5. Wharton Business School's simulation program consists of four different strands, demonstrating the effectiveness of simulations.

    6. The author adapted Mollick & Mollick's (2023) sample prompt for secondary school students, ensuring compatibility, realism and engagement.

    7. Modern LLMs understand prompts in natural language, and prompts in standard language are easier to modify.

    8. Outlining key decisions and creating decision nodes provide structure, while a competitive element maintains engagement.

    9. The pilot of running business simulations with LLMs has proven successful, with the potential to personalize learning experiences.

    10. Continued exploration and integration of AI-powered business simulations into education is crucial for equipping students with necessary skills.

Background

In the dynamic world of business education, the ability to make effective decisions is a skill that stands the test of time. As an educator with extensive experience in the classroom, I have witnessed the profound impact of incorporating behavioural sciences and tools into the curriculum. By providing students with a comprehensive understanding of human behavior and the factors that influence decision-making processes, we equip them with the necessary foundation to tackle complex business challenges.

Balancing Precision and Flexibility: Using AI for Grading and Feedback in Education

Background

Grading or marking student work and providing timely and accurate feedback is a time-consuming and monotonous, yet essential task for their learning. Recently, Owler.ai offers a grading service for essay questions. My prompts below were tested against it, and found to be performing well. Check it out while it is still free!

Human grading of student work is far from perfect. Research n the USA based on 30 million records has shown that teachers who mark student work alphabetically by last name award lower grades towards the final letters of the alphabet, likely due to exhaustion after hours of grading. Research in Italy among 40.000 students in Northern Italy showed that girls get systematically higher grades than boys, probably because they exhibit fewer behavior issues that disrupt classes or irritate teachers.

However, recent advancements in artificial intelligence (AI) have made it possible to use large language models (LLMs) for grading written work, potentially saving teachers time and improving the accuracy and consistency of feedback.

Prompt Design Suggestions

When using LLMs for grading written work, it's important to keep in mind that prompt design is different than programming and requires a balance between precision and flexibility. Here are some suggestions for using LLMs for grading written work:

Understanding the Boston Matrix: Mastering a Tool for Product Portfolio Decisions and Long-Term Strategy with AI

Introduction

The Boston Consulting Group (BCG) Matrix or Growth-Share Matrix is a useful tool for evaluating a company's portfolio of business units or product lines. It classifies products/businesses based on their relative market share and market growth. This gives insights into areas that need more/less investment.

• "Stars" with high share in high growth markets represent major opportunities to further grow the business. These are priority areas for investment and expansion.
• "Question marks" have low share but are in high growth markets. These need evaluation of turnaround potential via increased investment or divestment.
• "Dogs" have low share in low growth markets and may need to be harvested for cash or divested. This redirects funds to more promising areas.
• "Cash cows" fund investment in other areas and should be protected.

Empowering Students and Teachers through AI: Mastering Porter's Generic Strategies

Introduction

Strategic management concepts like Porter's Generic Strategies provide a useful framework for high school students to analyze businesses and think critically about competition. By applying tools like natural language processing (AI or LLMs), students can conduct in-depth strategic analyses and effectively communicate their findings. Conversely, teachers can use them to develop effective learning activities. 

We divided this blog post into three sections: exploring a concept, classroom learning activity and individual learning activity, with respective unedited output and matching prompt. We have shown that with efficient prompts, and reference to the context, output barely needs editing. Of course, tailoring to the context, and students or groups specific needs in the final edit, remains a responsiblity for the teacher.

Created by Bing Image Creator 26 Nov 2023

Writing a Standout Cover Letter with AI

Introduction

For over 15 years, AI tools have been used behind the scenes by HR departments to screen cover letters for certain keywords and phrases. Now, job applicants are leveraging these same tools to craft truly outstanding letters that get their applications noticed. Used correctly, AI can be your secret weapon for cover letter success. Since many teachers feel burned out, the time to start looking around for better paid work may be now.

Created by Bing Image Creator 11 November 2023

5- Analyzing for Success: Creating a Strong Analysis Section

Introduction

Writing the analysis section is a key step in any research essay. In this post, we'll cover best practices for clearly presenting your findings and relating them back to your research question. Most of these tasks are outside the frontier of AI, since they  requiring subtle insights from combining multiple sources of information. In most cases, explaining logic of your approach is necessary. The use of LLM for this section is generally not recommended: you will need to use your own intelligence, since LLMs have none. Follow these tips and you'll impress readers with a well-structured analysis.

Generate by Bing Image Creator 24 Oct. 2023

Applying Your Methods

First, review the methodology you outlined earlier. Explain how each method was implemented to address your question. For surveys, discuss response rates and any weighting. If interviews, summarize participant demographics. Briefly reintroduce analytical tools from your literature review like frameworks, ensuring definitions for specialized terms are clear. Now you're ready to analyze your results cohesively. If you analyze data, do not limit yourself to using a spreadsheet, rather use statistical software just as free and open-source JASP.

4- Research Methods Revealed: Writing the Methodology Section of Your Essay

Introduction

Planning is key when it comes to writing effective research-based essays. In this blog post, we'll break down how to craft the pivotal methodology section by looking at what should be included and some best practices. Follow these tips to boost your grades. We recommend very little use of generative AI tools, and rather rely on your own intelligence and your teacher's expertise.

Generated by Bing Image Creator, 24 Oct 2023

Choosing Appropriate Methods

The first step is selecting methods that are suitable for addressing your research question. These methods are different depending on the disciplines and whether it is pure sciences and maths, social or economic or managerial, and finally humanities. Consider things like surveys, interviews, case studies, analysis of historical sources, or experiments - whatever tools you need. Most importantly, your methods must be justified. Explain why each choice is the most appropriate to investigate your topic. For example, if studying opinions, interviews may work better than numbers alone. Be sure to tie back to your question or hypothesis.