A while back, we have heard from the industry on the importance of utilizing big data in making strategic decisions.  However, the industry is struggling to find the right people with a set of skills who can make the “data talk”.  The minimum required skills include, but not limited to knowledge of statistics, computer programming, managerial economics, research methods, financial and managerial accounting and analytical thinking.  On March 26, 2014, Harvard Gazette wrote an article on the big data class which is just recently introduced and being taught to Harvard students at the Department of Statistics.  In this class, the students were introduced to the world of big data.  AAEA has written many months ago, that this expertise can help US colleges to study internal, external and competitive environments which will help them to improve both institutional and student metrics such as debt-to-equity ratio, students’ drop-out  risk, enrollment management, retention rate and graduation rate.  Needless to say that currently, the majority of US colleges’ efforts and resources are focused on supplying or reporting data to both federal (IPEDS) and state agencies, as well as to other private institutions such as US News, Barron’s, Paterson or Best Colleges.  Therefore, less time is available to analyze both institution’s and students’ and other competitive environment data to generate strategic and meaningful information in the decision making process.  Lack of statistical knowledge and its application on different type of data, fear of making any new changes as well as rejection on the new reality also contribute to the inability to conduct analyses beyond simple graphs generated by Excel.

Please let us know what do you guys think?_