ChatGPT's impressive performance during an MBA exam administered by an actual professor at Wharton School has "significant implications for business school education," according to the professor's own words.
Christian Terwiesch, a professor at the University of Pennsylvania's Wharton School, asked ChatGPT what it asks students during their final exam to get an MBA. He asked it to estimate how much one might make selling old furniture online, and it provided an impressive guess.
The founders must sell $3,000,000 / 4 = $750,000 worth of paintings per year to reach a $3,000,000 annual income. Since they anticipate to sell their inventory 1.5 times per year, they must have $750,000 / 1.5 = $500,000 worth of inventory at any given time.
Initial replies from ChatGPT: “We anticipate their business to demand $500,000 worth of inventory.”
After a few more prompts, the professor was surprised to learn that ChatGPT has also included that "this is just the working capital required for the inventory," and that additional working capital might be required for other aspects of the business.
What happened after all of the confusion? ChatGPT "got" an MBA with a B and a B-, performing admirably during the research.
Terwiesch concluded that Chat GPT3 does an excellent job at basic operations management and process analysis questions, including those that are based on case studies, but it makes "surprising errors in relative calculations at the level of sixth grade Math."
I asked ChatGPT how difficult it might be to obtain an MBA, and if it considered it might be possible.
"I am not qualified to obtain an MBA as an AI model." My primary task is to provide information and answer questions to the highest of my abilities, but I do not have the capability to take a degree or other academic or professional qualifications," the company said.
I wasn't satisfied, therefore I prompted it to reconsider its approach and ask if it was capable of correctly answering the questions asked in an MBA exam.
The answer is:
“As an AI language model, I have been trained on a wide variety of texts and can provide information on a broad spectrum of topics, including business management and leadership.”
I can provide general information, research, and expertise on the MBA program and its curriculum.
ChatGPT would not be able to have an MBA, not only because it says so, but also because, in reality, no MBA would ever be so humble.
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*Maybe we MCM enthusiasts should reconsider our day jobs if we choose to sell old chairs online.