Throughout our Fellow Training Camp, VFA brings together world-class speakers, trainers, and experts to prepare our Fellows for everything that’s thrown at them. Manhattan GMAT instructor Chris Ryan came by to give our Fellows a 2-day crash course on B-School topics.
2014 Fellow Emily Jorgens will be joining New Orleans startup iSeatz as a Data Scientist in August. Check out her takeaways below…
Always Start with the Back of the Envelope (or Napkin)
by Emily Jorgens
I told Eric on the first day of training camp that I was eager to learn more about how data can be leveraged. He told me Chis Ryan was coming the next week and to get excited!
The “MBA in a Day” and intro to modeling in Excel modules that Chris Ryan taught exceeded my expectations.
Not only did he provide a succinct overview of business fundamentals, like Porter’s Five Forces, but he also offered personal tips, like to always color-code Excel models and not to hide formulas in the cells.
I was most excited by Chris’s advice on how to analyze big data without getting lost in the minutia. His recommendation for approaching a complex problem is to “start with the back of an envelope”. In other words, consider the larger picture and develop a hypothesis, then think about how the available data can be leveraged to test your hypothesis.
At the first break I eagerly approached Chris with questions about my future position as a Data Scientist. I appreciated that he offered useful advice, which was specifically tailored to my situation. First, he suggested I read The Signal and the Noise: Why So Many Predictions Fail — but Some Don’t by Nate Silver for more information on how we can distinguish a true signal from a universe of noisy data.
Chris also suggested that I have a dashboard of statistics that I run periodically. In addition to these habitual tests, he advised that I create a more adaptable framework in which I test new ideas, tailored to pertinent business decisions.
Having also signed up to spend lunch with Chris Ryan and a few other Fellows, I happily got to pick his brain further. He and I continued our conversation, delving into ways that I could organize the data I will be working with. Following his own “back of the envelope” advice, he even sketched out a model on the napkin at the restaurant. I also enjoyed hearing more about his career path. It was inspiring to hear about how he was drawn to teaching because he finds it fulfilling.
I really appreciate Chris’s sincere passion for teaching. I am looking forward to keeping in touch with him!