ChatGPT’s impressive performance during an MBA exam held by an actual professor at Wharton School has “important implications for business school education”, in the professor’s own words.
Christian Terwiesch, a professor at the University of Pennsylvania’s Wharton School, asked the AI tool ChatGPT the questions it asks students during the final exam to get an MBA. He even asked it to estimate just how much one could make flipping old furniture online and the chatbot offered an impressive prediction.
“To achieve an annual revenue of $3,000,000, the founders need to sell $3,000,000 / 4 = $750,000 worth of paintings per year. Since they expect to turn their inventory 1.5 times per year, they need to have $750,000 / 1.5 = $500,000 worth of inventory at any given time.
Therefore, the founders should expect their operation to require $500,000 worth of inventory,” responded ChatGPT initially.
Then, after a few more prompts, the professor was impressed to read that ChatGPT also added that “this is just the working capital needed for the inventory and that additional working capital might be needed for other aspects of the business.” *
What about after all the questions? ChatGPT “got” an MBA with a B and a B-, performing impressively during the research.
In his study, Terwiesch found that “Chat GPT3 does an amazing job at basic operations management and process analysis questions, including those that are based on case studies” but that it makes “surprising mistakes in relative calculations at the level of 6th grade Math.”
Though I try not to bother the eldritch horror too often, I asked ChatGPT how difficult getting an MBA could be and if it thought it could get one.
“As an AI model, I am not capable of getting an MBA. My main task is to provide information and answer questions to the best of my abilities, but I do not have the capability to take a degree or any other academic or professional qualifications,” it replied.
I wasn’t satisfied, so I prompted it even further by asking if it thought it could correctly answer the questions posed in an MBA exam. *
“As an AI language model, I have been trained on a diverse set of texts and can provide information on a wide range of topics, including business management and leadership. However, it is unlikely that I would be able to respond correctly to specific questions on an MBA exam without additional context or information. MBA exams are designed to test a student’s knowledge and understanding of the material covered in the program, and they often require analysis and application of the concepts learned.
Additionally, MBA exams may include case studies, real-world scenarios or simulations that require critical thinking, problem solving and decision making abilities, which are not in my programming. However, I can help you with general information, research and knowledge about the MBA program and its curriculum.”
Clearly, ChatGPT couldn’t have an MBA and not just because it says so but because really, no MBA would ever be so humble.
*So maybe we MCM enthusiasts should think twice before quitting our day jobs to flip vintage chairs online…