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SPSS Software Enables Babson College Students to Learn Statistics for the Real World
CHICAGO --(Business Wire)-- July 22, 2004 -- Students use SPSS software on projects such as determining the best places in Massachusetts to live
Students at Wellesley, Mass.-based Babson College are learning to apply statistics to real world applications using statistical software from SPSS Inc. (NASDAQ:SPSSE), a worldwide leader of predictive analytics technology and services. With the aid of SPSS(R) for Windows(R), SPSS Inc.'s flagship statistical and data management software, Babson students were recently able to apply the conceptual statistical analysis techniques they learned in the classroom to a real world experience with a Boston publication looking to identify the best places to live in Massachusetts.
"Teaching statistics in the classroom is one thing, but statisticians work outside of the classroom. My students must be adequately trained to handle the statistical challenges they will face in the real world," said I. Elaine Allen, associate professor of statistics and entrepreneurship at Babson College. "SPSS statistical software is the standard for classroom teaching because it enables students to hone their statistical analysis and develop practical problem-solving abilities that apply in the real world."
A recent example of the role SPSS plays in teaching Babson students real world applications of statistical analysis is the school's recent joint research project with Boston Magazine. This past April, Babson students were tasked with analyzing survey data for the publication's annual "Best Places to Live" issue. (www.bostonmagazine.com/ArticleDisplay.php?id=366).
For the project, the students compiled a ranking of 147 communities in Greater Boston, taking in to consideration the many factors that comprise living in a given community. Using the median home prices for each town as a baseline, the students considered the factors most important to homebuyers including costs (taxes and fees), quality of education, public safety, health, environment, lifestyle, and more. The students also incorporated survey data from real estate agents who were asked to prioritize the factors most important to homebuyers. The rankings were then developed by comparing each town's actual median housing price to a predicted housing price based on the town's characteristics.
Ultimately, Babson students named Marblehead, Mass. as the state's best place to live. Marblehead, which is near Boston's North Shore, scored highly in key areas while having a median home price of less than 45 percent of the most expensive community. Complete results from the study can be reviewed at http://www.bostonmagazine.com/pdf/apr_gatefold.xls.
"Weighing the data and then testing our regression models was critical for the study, and we were impressed with the ability to easily move data back and forth between Microsoft(R) Excel(R) and SPSS without sacrificing productivity and data integrity," said Allen.
SPSS software remains the de facto standard for statistical tools in the academic environment. Established in 1968 with its beginnings at Stanford University and the University of Chicago's National Opinion Research Center, SPSS both advanced and democratized the field of data analysis. More than three decades later, the Company's initial software offering remains among the market's most widely used and respected statistical analysis packages. More than 250,000 organizations worldwide rely on SPSS for conducting survey research, database analysis and scientific reporting.
About SPSS
SPSS Inc. (NASDAQ:SPSSE) is the world's leading provider of predictive analytics software and solutions. The company's predictive analytics technology connects data to effective action by drawing reliable conclusions about current conditions and future events. More than 250,000 commercial, academic, and public sector customers rely on SPSS technology to help increase revenue, reduce cost, improve processes, and detect and prevent fraud. Founded in 1968, SPSS is headquartered in Chicago, Illinois. For additional information, please visit www.spss.com.
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