Three Statistical Business Simulations

Abstract

The aim of this paper is to draw to the attention of statisticians teaching business students three substantial computer simulations, the single objective of which is profit maximization. It is believed that in pursuing this purely business objective, students gain a better understanding of the need for and utility of statistical methods for research, analysis, and forecasting. The full text of these simulations and the associated computer programs, teaching notes, and sample student responses may be freely downloaded and used for classroom purposes.

Keywords:

• Business statistics courses
• Problem-oriented instruction
• Statistical games

Acknowledgment

I am grateful to the Senate Committee on Teaching and Learning of York University for its support of the entire project described in this paper.