Rutgers–Camden Faculty Explore the Power of AI
Professors in the Rutgers School of Business–Camden are leveraging artificial intelligence to enhance critical thinking and problem solving
By Caroline Brobeil | April 19, 2024
Generative artificial intelligence (AI) programs like OpenAI's GPT-4 and Google’s Bard are embraced by many for their ability to do everything from writing emails to solving complex mathematical equations. But what if the answers provided by those programs are wrong? Two professors in the Rutgers School of Business–Camden are challenging their students to consider this question as they use AI in class and in coursework.
“Numerous early studies of the generative AI tools behind popular programs like OpenAI's GPT-4 and others have demonstrated their potential to significantly enhance productivity across various fields, including programming, law, math, and consulting,” said David Pedersen, associate professor of finance. “To realize these gains, however, we must critically assess the results using knowledge and expertise, and it is crucial to educate students on how to effectively use these new tools so they will understand the best ways to utilize them in the future.”
Pedersen and Andrei Nikiforov, an assistant professor of finance in the School of Business, challenge students to embrace AI as they complete their coursework. They emphasize the need to approach results with a skeptical eye rather than blind acceptance.
David Pedersen, associate professor of finance
David Pedersen, associate professor of finance
Andrei Nikiforov, assistant professor of finance
Andrei Nikiforov, assistant professor of finance
"A generative AI program can develop an analysis that appears authoritative, complete with detailed equations and results; however, the results often contain fabricated numbers or other errors,” said Nikiforov. “We ask students to complete assignments that require them to evaluate the output critically and recognize the model's limitations.”
Understanding the power of AI and critically evaluating its results will be increasingly valuable in the not-too-distant future. The market for AI-related tools and products is expected to reach $407 billion by 2027, up from $86.9 billion in 2022, and global adoption of AI technologies is predicted to expand by nearly 40% by 2030.
“A generative AI program can develop an analysis that appears authoritative, complete with detailed equations and results; however, the results often contain fabricated numbers or other errors.”
“Before using these tools in my financial management class, I thought AI was just another search tool,” said Caprice Woods, a student in the School of Business' dual BA/MBA program. “Since working with Professor Nikiforov, I've gained a practical understanding of this application, and using AI in this way genuinely enhanced my overall experience in this course.”
“The capabilities of generative AI models will continue to grow, and their practical applications multiply,” Nikiforov said. “As these tools become increasingly integrated into the workplace, employers will expect people to understand how to leverage these tools effectively, but the need to be a critical thinker is just as essential.”
Exploring the Impact of AI
On April 10, Rutgers School of Business–Camden hosted its Fifth Annual Business Symposium, a conference-style event designed to drive conversations around critical issues impacting the business world and beyond. This year's seminar, "Exploring Artificial Intelligence," featured panelists from a variety of industries, including healthcare, software consulting, and data science.
The Office of Undergraduate Programs organizes the symposium each year with the guidance of Oscar Holmes IV, associate dean of undergraduate programs and associate professor of management.
“We are in a critical moment in which artificial intelligence will present grand challenges and opportunities," said Holmes. “Today’s event is designed to introduce these challenges and opportunities to allow attendees to be more informed, prepared, and encouraged to maximize the benefits of AI while mitigating the risks.”
In addition to four speaker sessions, the event offered a unique Q&A session with all the speakers, moderated by Thomas Risch, vice chancellor for research at Rutgers–Camden. The afternoon served as a platform to delve into the profound global impact AI is expected to have and explore insights, trends, and the potential for innovation in a rapidly evolving landscape.
The 5th Annual Business Symposium featured Sean Boyce, Founder, NxtStep; Gil Kaminski, MBA, Co-Founder, Humelan; Michael Kirchhoff, MD, Chief Innovation Officer and Patient Safety Officer, Cooper University Health Care; Ojobo Agbo Eje, Data Specialist, Rutgers University–Camden Graduate School. Image courtesy Oscar Holmes IV
The 5th Annual Business Symposium featured Sean Boyce, Founder, NxtStep; Gil Kaminski, MBA, Co-Founder, Humelan; Michael Kirchhoff, MD, Chief Innovation Officer and Patient Safety Officer, Cooper University Health Care; Ojobo Agbo Eje, Data Specialist, Rutgers University–Camden Graduate School. Image courtesy Oscar Holmes IV
Design: Douglas Shelton
Built with Shorthand