What is Generative AI in business education capable of?
Generative AI Is Reshaping Business Education as we know it
Generative AI (GenAI) (Link opens in a new tab click to find out more on this subject) is revolutionizing the way we learn about business.
By leveraging advanced algorithms, GenAI can create content, simulate business scenarios, and provide personalized learning experiences.
But what exactly is it capable of in the realm of business education?
Understanding Machine Learning in Business
Machine Learning (ML), (Link opens in a new tab click to find out more on this subject) a subset of AI, involves using algorithms and statistical models that enable computers to improve their performance on a specific task with data, without being explicitly programmed.
In business education, ML can be used to analyze consumer data to predict trends, personalize marketing campaigns, and optimize supply chains.
AI Can Simulate Business Scenarios
Artificial Intelligence (AI) (Link opens in a new tab click to find out more on this subject) can simulate complex business scenarios, which can be invaluable for students to understand the dynamics of business environments.
AI models can replicate market conditions, consumer behaviour, and even competitive business strategies, providing a dynamic learning tool for business education.
Have a Look at this video from IBM (Link opens in a new tab) about how Generative AI can be used in Business
🤖 Generative AI and Customized Learning Materials
GenAI can tailor educational content to the needs of individual students.
For instance, a GenAI system might generate practice problems for a finance course that are aligned with a student’s learning pace and style.
Example: A business school uses GenAI to create custom case studies that adapt in complexity based on the student’s progress.
🌐 Preparation for the real-world environments
With GenAI, students can explore business concepts preparing them for the real-world environment. GenAI tools can generate examples and review large documents in preparation for
discussions and meetings, enriching the learning experience.
Organizing a Class Discussion
(developed for MGMT 400 Organization Theory)
Rationale for this assignment: In MGMT 400 Organization Theory, I use group-led discussions to promote class conversations about the course topics. Students are organized into teams, and then teams are assigned to facilitate a discussion on topics from our textbook. As part of that task, students are also responsible for identifying the major themes in their section of the textbook, developing a set of discussion questions to use during class, and producing a one-page summary of their part of the textbook. Students are often challenged and intimidated by this task, and are afraid to attempt to identify themes; they are also not always effective in generating good discussion questions that other students will respond to. This assignment proposes to have students use generative AI tools like ChatGPT to help them identify major themes in the text and effective discussion questions.
Purpose: A common professional activity is to review large documents in preparation for discussions and meetings. Part of this process is the identification of major themes in those documents and the creation of discussion questions to help you understand them better. The purpose of this assignment is to help you determine the major concepts and themes from the portion of the textbook that you are responsible for discussing and to develop a range of discussion questions that you can use to facilitate that discussion. You will also become familiar with summarizing a text for distribution to others.
Skills:
• Students will demonstrate the ability to use generative AI tools to help identify the major themes in a work of text.
• Students will demonstrate the ability to use generative AI tools to help summarize a work of text for discussion participants.
• Students will demonstrate the ability to use generative AI tools to create a variety of discussion questions that will be used to facilitate class discussion on a work of text.
Knowledge:
• This assignment will help you develop an understanding of a text.
•This assignment will also help you develop the ability to facilitate a discussion.
Tasks:
• Familiarize yourself with generative AI tools. Before the day of the discussion, you should work with a generative AI tool to familiarize yourself with the process of identifying insights about the text you want to use.
• You will likely find that effective use of an AI tool requires an interactive
process…you may need to have a “conversation” with the tool to get the best output.
• You have to ask the AI tool questions to create any output from the system.
• Your instructor may also have a particular tool that you should use, or you may have to find your own. AI tools that will be effective for this assignment include ChatPDF, TLDR, and Bing (these will allow you to interact with your text and ask the tool questions about it).
Use the generative AI tool.
Using the AI tool, interact with it to help you understand the text better. You may not get ideal results on initial use of the AI tool…they are interactive tools, so you must ask it questions to develop the most effective outputs; these questions are called “prompts”. You should document the prompts that you use to generate your output (your instructor may want you to turn those in after the discussion).
• Identify major themes.
• Identify discussion questions.
• Create a one-page summary. Based on the AI’s output, create a one-page summary that includes the information that you found interacting with the AI.
• Use summary document to facilitate discussion. Distribute your one-page summary in class and use it and the discussion questions you developed with the AI tool to facilitate class discussion.
🛠️ Hands-on Experience with The Evaluation of AI
GenAI can generate answers and responses to multiple real-world scenarios however it’s not perfect and by using critical thinking to correct the responses, this allows students to gain practical experience with the technologies that are shaping the future of business.
Quiz Essay Questions Incorporating Use and Evaluation of AI
Assessment Content
QUIZ EXAMPLE
Welcome to the quiz for Module 4.
You must demonstrate competence in applying the concept of strategic planning and performance management to a company. It is expected that before you begin the quiz you have completed the learning activities in Modules 1-3.
You will have 120 minutes to complete each essay question.
Your answer must reflect your own abilities and you may not receive help from a human during your quiz. You are expected to give your best answer and an incomplete attempt will not receive credit.
Acknowledgement of AI tools Usage. You may use AI to help you in the process of completing the assignments in this course but if you submit the AI output as your own work, then it is considered Academic Misconduct. You are also responsible for verifying all the outputs.
Acting with integrity means that if you use any AI tools for either the idea generation (e.g. ChatGPT) or to improve your writing (e.g. a paraphrasing tool like Quilbot) then you should be transparent about what AI you used and how. This transparency will allow us to evolve the conversation about ethics and integrity expectations for class and industry.
Include this acknowledgement with your references.
Quizzes in this course will not be graded in the typical “point” fashion. Instead, each essay question in the quiz will be graded on a competence demonstrated/failure as outlined below.
10/10 = Demonstrates competence. Excellent. Answers all parts of the question accurately. Clear communication shows competence with this topic at first reading. Includes references. Shows you would be able to use this skill with minimal supervision in the workplace.
7/10 = Meets expectations of basic competence. “Good faith” attempt at all parts of the question but additional guidance would be needed to be able to meet expectations in the workplace. Includes references.
0/10 = Does not demonstrate competence. Partial understanding is evident but significant gaps remain. Would not be able to complete this assignment independently in the workplace. Needs better communication. Additional reading and module review are required. (You may redeem a token to resubmit after you have reviewed the topic and instructor feedback, if no second attempt is made then it is a 0% grade.)
By starting this quiz you are agreeing that you understand that these quiz questions are protected by copyright and are the intellectual property of {name removed for confidentiality}. You may not share the questions on this quiz with anyone or for any purpose. Taking photos, saving or sharing copies of these questions is a violation of the Academic Integrity Policy.
Question 1:
ChatGPT4 has created the balanced scorecard for Tim Horton’s. However, the CEO is highly skeptical that an AI tool can understand the vision and values of the company. Your task as the business analyst is to carefully examine each goal to make sure it aligns with the strategy of the company. You must use information found on the official company website and any reports (e.g. Annual Report) published by the company.
Submit the following in your answer:
- Revised SMART goals in each section with an explanation of why each edit was necessary based on specific company data you found. If no revisions are necessary, then explain which data supports the AI-generated goal. Provide links to the specific data.
- Pick one of the goals and explain how you think the manager responsible for that goal should keep track of progress between now and the deadline. Be as practical as possible.
ChatGPT4 created goals:
- Financial Perspective: Increase franchise revenue by 8% within the three fiscal years by expanding into untapped markets.\
- Customer Perspective: Enhance drive-thru experience and satisfaction by 10% over the next year through implementing an improved ordering system.\
- Internal Process Perspective: Reduce food waste by 20% within the next 18 months through accurate demand forecasting.\
- Learning and Growth Perspective: Improve leadership development scores by 12% over the next fiscal year through a comprehensive management training program.
Question 2:
Academic Integrity,
- Double-check that you have added the sources of information (weblinks are okay) into the body of your answer and not just at the end so that it is easy to match specific information in your answer with a specific source.
- You complete an AI Use Acknowledgement by answering the following question. Remember, you (not AI) are the author and are responsible for the accuracy of the information you submit.
How did you incorporate AI-generated content into your answer on this knowledge check?
Select the answer that is the best description.
- I input the quiz question and used the first AI-generated response without any modifications.
- I input the quiz question and used the first AI-generated response without any modifications.
- I iteratively refined the input prompt until the AI-generated response met my expectations. Then submitted the response.
- I iteratively refined the input prompt until the AI-generated response met my expectations. Then I revised it for accuracy.
- I relied on AI-generated content to check the accuracy of my understanding of the module topic.
- I researched and wrote my answer and then used AI to edit for grammar, spelling, and formatting.
- I didn’t use any AI tools to write my answer.
Question 4
Food Truck Business
You are expected to use AI to help you generate your answer or you won’t finish in time. However, you are responsible for making sure the answer is accurate and matches the course material since it is a reflection of your competence. AI doesn’t know exactly how the topics were covered in this course so you need to guide AI in the chat. Also, you will need to verify information to make sure it’s logical for the particular size and scope of the business. The scenario is based in Calgary.
Scenario*:
Peter, a highly skilled chef, has spent the better part of his career dazzling patrons at high-end restaurants across the city. He has mastered the art of blending flavours and presenting them in a manner that delights both the eyes and the palate. Now, Peter dreams of a venture that will bring gourmet cuisine out of the confines of plush restaurants and into everyday life. He envisions launching a food truck business that combines culinary sophistication with the affordability and accessibility of street food. As part of his business planning process, he aims to create a Business Model Canvas to map out the key elements of his business.
He only has access to $150,000 to begin so he will keep it small to start but he needs to generate a profit quickly.
Task:
Your task is to assist Peter in creating a comprehensive Business Model Canvas for his food truck business. For each of the nine components provide an appropriate answer and explain why you made those choices. For example, you can write his value proposition and explain how it matches his vision or mission statement. You would also include the statement.
Your answer must demonstrate a clear understanding of the individual elements of the business model canvas and how they interrelate. In your explanations, make sure you show that you include any details that are relevant to the strategic planning process but might not be explicit in the business model canvas.
Submission Requirements:
- Completed Business Model Canvas. Upload a completed template (typed or a photo of a handwritten one).
- Explanations for each element to show that the choices were strategic. Make sure you include the topics covered in Modules 1-3 and in class. Each explanation should be one paragraph or less.
- Which information from the strategic planning process do you think is still missing? Explain how important you think it is to get these decisions made before launching the business.
- List all AI tools that you used and how you used them.
*This scenario is fictitious and created by ChatGPT4
Question 5
Academic Integrity
- Double-check that you have added the sources of information (weblinks are okay) into the body of your answer and not just at the end so that it is easy to match specific information in your answer with a specific source.
- You complete an AI Use Acknowledgement by answering the following question. Remember, you (not AI) are the author and are responsible for the accuracy of the information you submit.
How did you incorporate AI-generated content into your answer on this knowledge check?
Select the answer that is the best description.
- I input the quiz question and used the first AI-generated response without any modifications.
- I input the quiz question and used the first AI-generated response without any modifications.
- I iteratively refined the input prompt until the AI-generated response met my expectations. Then submitted the response.
- I iteratively refined the input prompt until the AI-generated response met my expectations. Then I revised for accuracy.
- I relied on AI-generated content to check the accuracy of my own understanding of the module topic.
- I researched and wrote my answer and then used AI to edit for grammar, spelling, and formatting.
- I didn’t use any AI tools to write my answer.
📊 Data-Driven Decision Making
GenAI tools can analyze large datasets, helping students learn how to make informed decisions based on data analytics.
Example: A GenAI system processes market data to help students identify trends and make investment decisions in a simulated stock market game.
The integration of AI in business education presents numerous opportunities for enhancing the learning experience and transforming the way we approach teaching and learning in this field. With the help of AI, educators can leverage data-driven insights to personalize instruction, develop a more effective curriculum, and engage students in new and innovative ways. As AI continues to evolve and become more sophisticated, it is expected to play an increasingly significant role in shaping the future of business education.
“Generative AI.” Generative AI.
“Machine Learning, Explained | MIT Sloan.” MIT Sloan, 21 Apr. 2021.
“What is Artificial Intelligence (AI) ? “ | IBM. (n.d.).
Patrick Schultz. “Organizing a Class Discussion” (2023). AI Assignment Library. 38. Licensed under a Creative Commons Attribution 4.0 International License.
Martin, Heather. “Quiz Essay Questions Incorporating Use and Evaluation of AI.” Generative AI and Assessment,