Bentley offers a variety of statistics courses, ranging from general education classes like Business Statistics to more advanced courses such as Intermediate Applied Statistics and Regression Analysis. Business schools advocate for statistics classes because every profession seeks efficient ways to enhance company success. Various factors, including research, planning, development, human resources, production, marketing, and finance, must be considered by businesses. Business statistics plays a crucial role in aiding companies to make informed decisions through strategic calculation and analysis.
However, the manner in which these statistics courses are taught is significant. For instance, if you pursue a career in insurance after leaving Bentley, you might be tasked with determining an appropriate expected default rate on a home mortgage based on borrower characteristics. If a statistical analysis determines that one should adjust the rate higher for the female population, is it reasonable? Should this policy be implemented?
Alternatively, upon graduation, you may find yourself doing data analysis for new apps. Imagine working for a dating app, you use machine learning to identify questions highly predictive of compatibility, and race is the strongest factor. Is it justifiable to automatically set preferences for users based on their race? Do we allow users to select their own preferences?
While it is often said that facts are impartial and numbers reveal the truth, the way data is structured can be obscured in the background. Statistics can be manipulated to prove anything you want. It's possible to cherry-pick statistics to reinforce a predetermined narrative. And the malleability of statistical interpretation enables the validation of diverse assertions.
Modern statistics has its roots in the work of Francis Galton and Karl Pearson. Their purpose when developing statistics was to 'objectively' prove the superiority of certain humans. They were proponents of eugenics, and as they passed on their knowledge to others, their students also became proponents of eugenics. As we engage in statistics courses, an awareness of the historical context is essential. Although we cannot entirely remove our bias, we need to be aware of it.
Comments