Statistics for Business and Economics, Data Analysis, Data Visualization
With the development of technology, many data have been recorded. The big problem facing business decision-makers or policymakers is that they have too much data. On the other side, data is a valuable resource because they contain so much information about people, especially relationships between people’s features and their decisions. Knowing these relationships can help policymakers forecast the impact of policy and help the business find potential customers, advance the pricing strategy, and achieve higher profit. I want to give you a simple example. When you update your Facebook (FB) status to ” Engaged,” you might start to see “The Knot All-In-One Wedding Planner” and “David’s Bridal” advertisements on your Facebook. Why does this happen? It is likely that data scientists have studied millions of FB users on what type of product FB users were likely to search for and purchase after they changed their Facebook status to ” Engaged.” The results might indicate that users were more likely to search for wedding dress websites and wedding planning websites. People who searched for wedding dress websites and wedding planning websites were more likely to purchase a wedding dress and wedding planning service in a short period of time. These relationships between the user’s feature, i.e., engaged, and the purchase decision, had brought the business opportunities to “The Knot All-In-One Wedding Planner” and “David’s Bridal.” Therefore, these two businesses were willing to pay Facebook for targeted advertising.
However, finding those hidden relationships in the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis is not an easy task. It will need a thorough understanding of statistics, computer programming, and economic theories (knowing economic theories will be a plus). It will take years of learning and practicing. Business and Economics students who can expose to statistics for Business and Economics, data analysis, and data visualization in their undergraduate or graduate study are better prepared for the current and the future needs of employers in the business world.
I have been teaching students in quantitative analysis since 2013, and the courses aim to understand or predict behavior in the business world through the application of mathematical measurements and calculations, statistical modeling, and research.
I also developed YouTube Chanel to help people who needs help on basic statistical analysis in the business world. Feel free to check it out:
What kind of job can an economics major get?
Many students asked me “What kind of job can an economics major get?”. It is a really great question because you should be curious about why you are working so hard to get a degree in economics. Generally speaking, economists are important in every industry. (After taking your principle of economics courses, you should know that economics is not only a subject related to money, but most importantly, it is a science of decision-making on how to best allocate scarce resources.)
Being an economics major student, you can find a job in the following areas: Government, NGO, Nonprofit organization, Bank (commercial or investment bank), Environmental Science, Consulting Firms, Health Services, Entrepreneurs, International Trade (Commerce), Professor/Teachers.
What are the most important skills and tasks you should learn for your economics major?
Data manipulation. An excellent quantitative skill is expected from your employer.
Understanding the economic theory and the application, especially the relationship. You need to be very familiar with how market participants are related and how global economics are related etc…
Communication. You are learning two languages ” economics” and “mathematics”. When you start to work, you will be like a “translator”. You translate the facts to “economics” and then translate to the math model. After that, you solve the math model, translate the math results to the economics explanation, and exhibit the economics explanation to a well-written report or a well-organized presentation.
Keeping the knowledge updated.
Where can I find the job, if I am an economics major?
You can try the following website:
ECON340 Globalization and China’s Business and Economic Development
NOTE: Considering the health risks students might face traveling to China, we have decided to postpone the trip. The new dates for the China travel course will be announced, as we know scientists can find the cure and stop the spread of COVID-19. Students' health is my priority. Please stay healthy and safe and thank you for your understanding. Dr. Jiang
I love researching, teaching, and of course, traveling. Traveling to different places has broadened my vision and social network. I love meeting new friends since I always can learn something from them. Being an educator, I share my knowledge with my students. I designed this course for my students, hopes this special international experience will offer a new platform for my students to learn and to experience. This course will last for 5 weeks. Among these 5 weeks, we will spend 2 weeks in China to learn about China’s business and economic development.
Please like my China travels facebook page ” Travel to China with Dr. Jiang” to get the updated news about this course.
This trip will include but not only include:
- Visiting JP Morgan Chase in China and networking with JP Morgan employees
- Meeting the Chinese college students (Hope you will make some Chinese friends after the trip. Since the visa is valid for ten years, you can go back to China anytime in the future ten years by yourself, and your Chinese friends may help you to navigate in China.)
- Experiencing the high-speed train (155–217 mph)
- Visiting the World Second Highest Building
- Visiting the exterior of Shanghai World Financial Center
- learning the Chinese culture such as Taiqi, Chinese Calligraphy, Making dumplings
- Climbing Mt. Tai
- Visiting Great Wall
- Visiting Forbidden City
- Visiting Tiananmen Square
- Visiting Temple of Heaven
- Visiting exterior of 2008 Summer Olympic sites: Bird’s Nest& Water Cube
If you want to know more about this course, please send her an email at email@example.com. Students had a great experience of taking this class.
A truly eye-opening experience getting to interact with and learn about such a different culture. I would go back without a second thought.Corbin (economics and sociology majors)
Visiting China has forever changed my life. Had I not been bold and taken the opportunity to study abroad I would never have known true love, nor true loss.David (accounting major)
Being back in America, I often find myself thinking about how different cultures tackle similar issues completely differently, and honestly keep thinking about the next time I’ll make the trip backAvryn (economics and accounting majors)
China was the best opportunity I ever went out and experienced. I have no regrets, and will never forget all the memories made.Isabella (economics and business majors)
“Going to China has allowed me to view things from a different point of view and better understand their culture and the way they do business compared to the US. I am grateful to be able to experience this firsthand.”Haley (accounting major)
Real World & Classroom Learning
I always believe that the ultimate goal of education is to solve problems in the real world. Therefore, I use my connections with the community to bring the real-world to the classroom and introduce opportunities to my students to practice their problem-solving skills to help the community. Below are a few examples:
This collaboration is a part of experiential learning offered by QUAN340 class. Students used the knowledge learned in QUAN340 to create the survey through a Google poll. The poll asks several questions from how likely you are to recycle glass, to how far you’d be willing to travel to do so. Students also carried on the statistical analysis on the data and presented their findings to the community at the Blasco Library in Erie in the end of April, 2019. The collaboration has also been recorded by Erie News Now on April 7th, 2019. https://www.erienewsnow.com/story/40266326/edinboro-university-students-help-launch-glass-recycling-survey