Posts Tagged ‘improvisation’
MOOC Review: Wharton’s An Introduction to Corporate Finance
I recently completed a four-course sequence from the University of Pennsylvania’s Wharton School which included courses on operations management, marketing, financial accounting, and corporate finance. I’m happy to say the courses were fulfilling and have provided substantial support to my professional career.
I fully expected An Introduction to Corporate Finance, taught by Professor Franklin Allen, to be a challenge. In many ways, MBA-level corporate finance is equivalent to organic chemistry for chemistry and biology majors, dynamics for mechanical engineers, and quantum physics for physics majors. It’s the course that separates students with a firm grasp of foundational material from those who don’t.
That’s not to say that someone who wants to be a marketer isn’t qualified if they don’t ace corporate finance, but anyone who wants to be taken seriously as an elite-level financial analyst must do well in this course and its successors.
Course Overview
This six-week MOOC took participants through the mid-term exam of the on-campus course FNCE 611. There were five problem sets worth a total of 25% of the grade, a business case worth 25%, and a final exam worth 50%. MOOC students had to earn 60% of available points to receive a certificate, based on our best results from three attempts on each problem set, the case, and final. At least, that’s the way things ended up (more on that later).
Each week added skills to our analytical toolbox, starting with determining the object function for corporations, calculating present values, valuing stocks and bonds, using net present value to analyze cash flows, measuring risk, pricing assets, and applying the Capital Asset Pricing Model (CAPM).
I’m familiar with net present value and bond calculations from my work with Excel, but I gained a deeper understanding of the mathematical mechanisms underlying those basic methods from Professor Allen’s explanations. I must admit that I struggle with geometric explanations of indifference curves, production, possibility curves, and other concepts. I knew the course would start with those topics, so I buckled down and did my best with them. The rest of the material came…I won’t say easily, but the insights I gained from that first week helped quite a bit.
Production Notes
One of the alleged benefits of MOOCs is that it allows instructors to move away from the “sage on the stage” paradigm, where the professor lectures from a podium, often with the help of visual aids. In An Introduction to Corporate Finance, Professor Allen allowed the University of Pennsylvania to record his classroom lectures. The reason for this choice is quite simple: his lectures consist of meticulously prepared and explained motivational examples that he works through in detail. I’m not certain how he could have provided the same content without essentially rerecording his lectures in a different format.
As I mentioned earlier, we had to earn 60% of the available points to pass and had multiple, untimed attempts at the weekly assignments, case, and final exam. When the course launched, those terms were 70% or more to pass and a single attempt at each graded activity. I don’t mind admitting that my eyes started crossing and uncrossing when I realized what I expected to be the e-learning equivalent of a harder-than-normal Wednesday New York Times crossword puzzle had turned into a serious academic endeavor. I imagine a significant push-back against these requirements led to their relaxation, but it did water down what might have been a significantly more rigorous test of our abilities.
My commentary might make it sound like Professor Allen is a demanding, unfriendly presenter, but that’s not the case. He adopted a matter-of-fact delivery with an emphasis on clarity, but whenever a student raised a hand or asked a question, he looked at them, smiled, nodded his head, and said “Yes?” His manner indicated the query was welcome because, as he noted in the first lecture, it was likely the questioner wasn’t the only person in the room who needed a point clarified.
He also shone when discussing student life and the history of the Wharton School. In particular, his eyes lit up when discussing the Wharton Olympics, a now-discontinued competition where student teams, each with a faculty participant, ran relay races, threw paper balls into trash cans, and performed other bits of office-related skill in a day that must have been a welcome break from the rigors of the coursework.
I’ve no doubt Professor Allen demands great work from his pupils, but I’m equally certain he wants them to succeed.
Conclusions
Based on my experience in An Introduction to Corporate Finance, I’m not sure I have the skill set and temperament to do this sort of work on a high level. Perhaps I’ve psyched myself out after a poor showing in my undergraduate microeconomics class at Syracuse, but some concepts just haven’t stuck. That’s not to say I didn’t benefit greatly from Professor Allen’s course. I certainly did, and believe I could make a solid run at passing the on-campus version of this class. I’ll go into more depth on why that’s the case in my final, summary post on the Wharton MOOCs.
In the end, An Introduction to Corporate Finance turned out to be a highly challenging and eminently rewarding course. To my knowledge it hasn’t been offered since I took it in Fall/Winter 2013, but I hope it will be soon.
I’ll wrap up my discussion of the Wharton MOOCs with a final post on my overall impressions of the courses and how they represent the school in the online learning milieu.
MOOC Review: Wharton’s An Introduction to Financial Accounting
I recently completed a four-course sequence from the University of Pennsylvania’s Wharton School which included courses on operations management, marketing, financial accounting, and corporate finance. I’m happy to say the courses were fulfilling and have provided substantial support to my professional career.
Course Overview
Professor Brian Bushee note that his goal in creating his course, An Introduction to Financial Accounting, was to give students the ability to understand information provided in company financial statements. Accounting is a complex and at times arcane practice area, but I thought Professor Bushee did a great job of breaking the topics into manageable chunks and providing detailed explanations of each segment.
Bushee starts out with the standard statement that debits go on the left and credits on the right, but of course it’s much more complicated than that. Some accounts have their balances increased by credits, some by debits, and how some intermediate accounts serve as bridges to relieve the tensions inherent in double-entry bookkeeping. As the course progressed, he described the tools accountants use to document corporate operations for managers, financial analysts, and tax authorities. It might not surprise you that these various audiences don’t always desire the same information.
Each week’s lectures ended with a tour of 3M’s annual report, allowing the professor to demonstrate how the document’s contents reflected the accounting practices taught during the week. I thought these segments provided useful context for the material and helped me get a better handle on concepts I didn’t grasp during the initial presentation.
Production Notes
Professor Bushee spent most of his time switching between a “talking head” single shot of the professor and screen grabs of either Excel or PowerPoint, but he also used computer-animated “students” to be the voice of the viewer. He had his virtual students ask questions that were alternatively probing, wondering, insightful, and (occasionally) stupid. At first I thought the virtual students would be hokey and horrible, but they grew on me quickly. Each virtual student had a distinct personality with likes, dislikes, and preferences based on their background. The students ranged from a grumpy old man to a surfer dude to international students from Hong Kong and the U.K., which allowed the professor to address the differences between accounting practices in the U.S. and much of the rest of the world. Their interactions also developed along an internal narrative, which pleased my inner storyteller.
Material was divided into eight main modules, each of which had an associated quiz, plus two exams covering the first and last halves of the class, respectively. We could drop our two lowest quiz scores, which made reaching the passing threshold of 60% much easier. Professor Bushee also offered a certificate “with distinction”, which could be earned by scoring over 90%. I appreciated the possibility of earning a more prestigious credential, but I fell just short of that mark.
I laughed a bit to myself when the professor said that the material on the time value of money would be the hardest because it involved math beyond addition and subtraction. I actually found this material to be the easiest to grasp, both because of my extensive use of Excel and relative unfamiliarity with accounting principles. Accounting is a formal language that is no doubt comfortable to individuals who have spent their adult lives mastering it, but I felt safest when able to retreat to my NPV formulas.
Final Thoughts
Professor Bushee is, like his colleagues who taught the other Coursera MOOCs, an engaging presenter. He also revealed some details about the production process in his 20-minute goodbye video and posted detailed statistics about the course participants’ demographics and engagement levels. I think this kind of information adds substantial value to students who complete a MOOC. Knowing that I was part of the 6% of students who signed up for the course to successfully complete it is worth almost as much as the certificate.
I just finished An Introduction to Financial Accounting, so Wharton hasn’t had the opportunity to offer it again as of this writing. Professor Bushee indicated that he planned to rerun the course in the future, so it should be available to anyone looking to improve their financial knowledge and gain a better understanding of the accounting practices that help us document our businesses.
MOOC Review: Wharton’s An Introduction to Operations Management
An Introduction to Operations Management
I’m lucky that MOOCs (massive open online courses) came along when they did. I’ve had the opportunity to sample content from a wide variety of institutions and topics either for free or, if I wanted to receive a slightly spiffier “signature track” (from Coursera) or “identity verified” (from edX) certificate, a small fee.
I recently completed a four-course sequence from the University of Pennsylvania’s Wharton School which included courses on operations management, marketing, financial accounting, and corporate finance. I’m happy to say the courses were fulfilling and have provided substantial support to my professional career.
Course Overview
I started the sequence by taking Professor Christian Terwiesch’s course An Introduction to Operations Management. This course combined analytical techniques from operations research and process management, with specific movies showing students how to identify bottlenecks, evaluate the effects of potential changes to a process, estimate customer wait time, and build production errors and rework loops into our process models.
Terwiesch starts out each module with a conceptual overview of the topics to be covered before moving to detailed analysis in Microsoft Excel. I spend many hours in Excel for my writing and online course development projects, so I had no trouble following him as he worked through the formulas. I assume students of an MBA-level course, even one offered for free, will bring some spreadsheet skills to the table, so I believe anyone approaching the course in a serious manner could follow along easily.
I haven’t seen a syllabus for the full intro to operations management course at Wharton, but the professor noted that he covered about 60% of the material in his book (co-authored with G. P. Cachon) Matching Supply with Demand: An Introduction to Operations Management. The most recent (third) edition runs at least $96 used from Amazon, but the publisher created a custom ebook students could buy for $30. I purchased a previous edition of the book for reference, but I got along just fine with the free materials provided through Coursera.
Production Notes
This course is offered in the MOOC-standard format of switching between a “talking head” single shot of the professor and screen grabs of either Excel or PowerPoint. Professor Terwiesch is an engaging speaker who has tremendous command of this course’s material, so he was able to cover the topics efficiently while explaining concepts and applications clearly.
Material was divided into five main modules, each of which had an associated homework assignment, and a comprehensive final. Each homework was worth 10% (with essentially unlimited attempts) and the final exam 50% (two attempts allowed). The passing threshold was set at 50%, which I thought was too low. It’s hard to strike a balance between enticing students to stay and challenging those who do, but for future sessions the professor might consider raising the bar to 60% so even a student who misses a homework would have to score at least 20% on the final to earn a certificate.
Final Thoughts
As with the other Wharton courses I took through Coursera, I found An Introduction to Operations Management to be engaging and interesting. Professor Terwiesch is a solid presenter who comes across well. Even though his production values didn’t extend beyond good video and audio quality, he held my attention with well-executed movies of appropriate length for each topic.
Wharton has re-run this course through Coursera at least once since I took it, though future sessions haven’t been announced as of this writing. If you work in a manufacturing or customer service-oriented firm where knowing the heartbeat of your operations would help you improve your business, or if you’d like to sample Wharton’s MBA courses, I highly recommend taking An Introduction to Operations Management.
Book Review: MOOCs, by Jonathan Haber
Title: MOOCs
Author: Jonathan Haber
Publisher: MIT Press
Copyright: 2014
ISBN13: 978-0-262-52691-3
Length: 227
Price: $13.95
Rating: 90%
I purchased a copy of this book for personal use.
MOOCs, or massive open online courses, offer free classes to anyone with internet access and a willingness to learn. As author Jonathan Haber notes in his recent MIT Press book MOOCs, this educational innovation is working its way through the hype cycle. First touted as an existential threat to traditional “sage on the stage” lecture-based learning, the media has inevitably turned to highlighting the platform’s flaws. How MOOCs evolve from their freemium model remains to be seen.
Haber is an independent writer and researcher who focuses on education technology. This book is based in part on his attempt to re-create a philosophy undergraduate degree by taking free online courses and, where necessary, reading free online textbooks. In MOOCs, Haber captures the essence of the courses, both through his personal experience as well as his encapsulation of the history, current practice, and impact of MOOCs in the social, educational, and corporate realms.
MOOCs as a Learning Environment
The allure of MOOCs centers around their ability to share knowledge with students who might not be able to attend MIT, Georgetown, Stanford, the University of Edinburgh, or other leading institutions. Students can watch videos on their own schedule and, if they’re not concerned about receiving a Statement of Accomplishment or similar recognition, they don’t have to turn in homework or take quizzes on time or at all.
Most videos are 5-10 minutes in length, though some courses that present complex content can have videos that stretch to as long as 45 minutes. Production values range from a professor sitting in their office and facing a camera (often with PowerPoint slides displayed at least part of the time the professor speaks) to videos including animations and location shots that take significant time and budget to produce.
MOOCs offer three general grading policies: quizzes and tests with multiple-choice or fill-in-the-blank questions, computer programs submitted to an automated grader (very common in machine learning courses), and peer grading. There’s no possible way for professors to grade essays or computer programs from thousands of students, so they have to rely on objective mechanisms and peer grading to carry the load. Objective tests are acceptable, but many students dislike peer review even in cases where it’s clearly necessary.
Institutions sponsoring MOOCs go to great length to distinguish students who complete a MOOC from their traditional students. Certificates or Statements of Achievement stress that the holder is not a Wharton/Stanford/MIT student and that the certificate conveys no rights to claim such status. Most MOOCs also use much looser grading standards than traditional courses. For example, students are often allowed multiple attempts at homework or exams and the total grade required to pass a MOOC is often in the 60-70% range. These relaxed requirements make certificates easier to earn and probably increase retention, but the end result is a much less rigorous test of student ability.
Controversies
As with any disruptive technology, MOOCs have generated controversy. The first question is whether, despite their huge enrollments (some courses have more than 100,000 students registered), the courses’ equally huge drop-out rates. As an example, consider the following statistics from the September 5, 2014 session of the Wharton School’s course An Introduction to Financial Accounting, created and taught by Professor Brian Bushee (which I passed, though without distinction):
Number of students enrolled: 111,925
Number of students visiting course: 74,599
Number of students watching at least one lecture: 61,130
Number of students submitting at least one homework: 25,078
Number of students posting on a forum: 3,497
Number of signature track signups: 3,953
Number of students receiving a Statement of Accomplishment: 7,689
Number of students receiving a Statement of Accomplishment with Distinction: 2,788 (included in total receiving SoA)
The ratios that stand out are that only 54.6% of enrolled students watched at least one lecture, 22.4% submitted at least one homework, and 6.87% of students earned a Statement of Accomplishment. That pass rate is fairly typical for these courses. While the percentage seems miniscule, another MOOC professor noted that, even with just 5,000 or so students passing his online course, his 10-week MOOC cohort represented more students than had passed through his classroom in his entire career.
Another concern is who benefits from MOOCs. Students require internet access to view course movies, at least in a way that can be counted by the provider, so there is a significant barrier to entry. Surveys show that the majority of MOOC students are university educated, but there are still large groups from outside the traditional “rich, Western, educated” profile. So, while many students appear to come from richer, Western countries, the courses do overcome barriers to entry.
Finally, MOOCs raise the possibility that courses from “rock star” professors could replace similar offerings taught by professors at other schools. For example, San Jose State University licensed content from a popular Harvard political philosophy course taught on edX with the intention that their own professors would teach to the acquired outline, not their own. The philosophy faculty refused to use the content and wrote an open letter to the Harvard professor complaining about the practice. A similar circumstance led Princeton professor Mitchell Duneier, who created and taught the vastly popular Sociology course offered by Coursera, to decline permission to run his course a second time. Coursera wanted to license his content for sale to other universities, which could save money by mixing video and in-person instruction. Duneier saw this action as a potential excuse to cut states’ higher education funding and pulled his course.
Conclusions
Haber closes the book with a discussion of whether or not he achieved his goal of completing the equivalent of a four-year philosophy degree in one year using MOOCs and other free resources. He argues both for and against the claim (demonstrating a fundamental grasp of sound argumentation, at the very least) and describes his capstone experience: a visit to a philosophy conference. His test was whether he could understand and participate meaningfully in sessions and discussions. I’ll leave his conclusions for you to discover in the book.
I found MOOCs to be an interesting read and a useful summary of the developments surrounding this learning platform. That said, I thought the book could have been pared down a bit. Some of the discussions seemed less concise than they might have been and cutting about 20 pages would have brought the book in line with other entries in the Essential Knowledge series. It’s hard to know what to trim away, though, and 199 small-format pages of main text isn’t much of a burden for an interested reader.
Curtis Frye is the editor of Technology and Society Book Reviews. He is the author of more than 30 books, including Improspectives, his look at applying the principles of improv comedy to business and life. His list includes more than 20 books for Microsoft Press and O’Reilly Media; he has also created more than 20 online training courses for lynda.com. In addition to his writing, Curt is a keynote speaker and entertainer. You can find more information about him at http://www.curtisfrye.com and follow him as @curtisfrye on Twitter.
Theatre, Sensationalism, and Double Standards
Like many of you, I was surprised to see Lindsay Lohan had been cast to play the part of Karen, the manipulative temporary secretary, in a London production of David Mamet’s Speed-the-Plow. It’s not unusual for British actors to shoot a movie during the day and do a play at night, but it’s different for Americans and I think of Lohan as a movie performer. There’s a huge difference between memorizing a few lines (that might have been changed two minutes ago) for a movie shot and preparing to do a major role in a live performance.
Lohan’s performance during the first preview appears to have been a bit ragged. Reporters at the performance agreed that she was nervous and messed up a few of her lines. That’s not unusual for a first preview…it’s the cast’s initial run with civilians in the house and everyone’s nervous. The pressure must be even more intense for someone who is trying to turn her career around. Given Lohan’s issues, I imagine the production paid a substantial sum for insurance against her ability to fulfill her contract.
That said, a few flubbed lines is nothing to be ashamed of in a first preview. My wife, another friend, and I saw several shows in London just before Lohan started her run. A very well-credentialed stage actor in Great Britain, a play based on the News of the World phone hacking scandal, jumped his lines twice in about ten minutes. In Richard III, Martin Freeman, the beloved actor who plays Dr. Watson in the popular BBC version of Sherlock, mushed his way through a line during a heated exchange and closed with “…or something like that.”
Both Great Britain and Richard III were well into their runs (in fact, Richard III just closed), so there’s nothing to say except that it’s live theatre — things happen. No one reported the other actors’ errors, so let’s give Lindsay Lohan the benefit of the doubt for a while. If she’s still missing lines after the show officially opens, then we can complain. Until then, let’s hope she can model her recovery after Robert Downey, Jr. and enjoy some success after a long string of bad decisions.
Microsoft and Minecraft
It appears likely that Microsoft will announce it has finalized a deal to acquire Mojang, the Swedish company that created Minecraft. I think it’s a great idea.
Minecraft is huge–players of all ages build creations that demonstrate their creativity and test the limits of the platform. Business analysts have asked why Microsoft would want to buy Mojang. The game is available on the PC but not Windows Phone because of the latter’s 2.5% market share, but it doesn’t seem likely that a single game, even a tremendous hit, would bring $2.5 billion in added revenue to Microsoft.
It’s true that Minecraft won’t make Microsoft a mobile front-runner, but Mojang’s insights into the Minecraft community’s wants, needs, and emergent behavior could be worth much more than the hefty purchase price. Microsoft has made strides toward listening to and acting on user input, such as by altering Windows 8.1 and, if leaked screen shots are to be believed, Windows 9/Threshold to be more in line with user preferences. Bringing in the Mojang team could provide similar insights to teams across Microsoft, allowing the folks in Redmond to incorporate what they learn into future products and giving them a fighting chance of thriving in the mobile world.
Book Review: Cataloging the World
Title: Cataloging the World
Author: Alex Wright
Publisher: Oxford University Press
Copyright: 2014
ISBN13: 978-0-199-93141-5
Length: 360
Price: $27.95
Rating: 93%
I received a complimentary review copy of this book from the publisher.
I don’t normally read biographies. Books about the dead are often unnecessarily complimentary or disparaging, while stories about the living (especially individuals under 40) suffer from the same flaw and have to fill pages with irrelevant details and repetition. What’s worse, I find personalities to be the least interesting part of technological development.
I don’t care for a dry recounting of events, either, so it’s refreshing to find a biography that melds personalities, conflict, and interesting technology into a compelling story. Alex Wright’s book Cataloging the World: Paul Otlet and the Birth of the Information Age, does just that.
Library Science and Beyond
I’d never heard of Paul Otlet, but friends who studied library science at the undergraduate and graduate level were familiar with his work. Born in 1868 in the French-influenced part of Belgium, Otlet was educated outside of the traditional school system. His father was a successful businessman, so Otlet and his brother traveled with him and attended lectures and received private tutoring as their father’s travels allowed.
Intellectually advanced but socially unskilled, Otlet suffered when he attended a traditional school starting at age 14. Perhaps taking pity on him, a priest who taught at the school asked Otlet to help in the library, filling student book requests two days a week and reading the rest of the time. The assignment fit the young student’s temperament perfectly and perhaps pushed him onto the path of attempting to coalesce the world’s knowledge into a single, searchable system.
The Mundaneum
Otlet is best known for his struggle to implement his vision for a universal knowledge classification and dissemination system, which after early work in the area was embodied by The Mundaneum. The Mundaneum, a collection of facts gathered from printed literature by volunteers around the world, was intended as a repository that individuals could query to get information they needed for research or on subjects they wished to learn more about. Using individual contributors in what would now be called crowdsourcing occurred in other major projects, such as the first edition of the Oxford English Dictionary.
The Mundaneum and related efforts to classify information reflected Otlet’s utopian internationalist ideals, which led him to argue that making the world’s information readily available to anyone would lead to world peace. Such idealism, when combined with the struggle to secure public and private support for such a large endeavor, made it a natural base for Wright’s narrative.
The last two chapters of Cataloging the World describe how Otlet’s work at organizing, linking, and sharing information presaged hypertext and the World Wide Web. Many concepts I attributed to Vennevar Bush’s Memex information linking and retrieval system were, in fact, created by or known to Otlet. Wright also points out that Bush was “notoriously stingy” in giving credit to his sources of inspiration.
Conclusions
Cataloging the World brings the work of Paul Otlet from the specialized literature of library scientists to the general public. I enjoyed Wright’s work immensely and am glad he struck a skillful balance among personality, ideas, and events. I recommend Cataloging the World to the general reader, but it would be especially useful to anyone involved in information design, documentation, and presentation.
Curtis Frye is the editor of Technology and Society Book Reviews. He is the author of more than 30 books, including Improspectives, his look at applying the principles of improv comedy to business and life. His list includes more than 20 books for Microsoft Press and O’Reilly Media; he has also created more than 20 online training courses for lynda.com. In addition to his writing, Curt is a keynote speaker and entertainer. You can find more information about him at www.curtisfrye.com and follow him as @curtisfrye on Twitter.
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