A combination of the availability of massive amounts of consumer data and improved computing power, plus the fact that it’s easier and cheaper to randomize participants than ever before, has created the perfect conditions for the rise of what’s being called the “experimental revolution” in business. As companies increasingly demand actionable data to inform their decisions by leveraging experiments, MBA programs are especially well-positioned to equip future leaders with the necessary skills. The authors present three main actions that business schools should take in order to best position students to realize their full potential as leaders of the experimental revolution. While they’re adding courses in cybersecurity, AI/machine learning, and fintech, business schools shouldn’t forget to go back to basics. They have stood the test of time for generating reliable and insightful outcomes in science and philosophy.
“In a dramatic departure from its historic role as an esoteric tool for academic research, the randomized controlled trial has gone mainstream.” — Michael Luca and Max H. Bazerman
A fundamental shift in the way businesses make decisions is taking place. Traditionally, running experiments and abiding by the scientific method has been the domain of scientists, but managers across industries have been adopting cultures of experimentation to inform their decisions at an unprecedented scale.
