Not too long ago, artificial intelligence (AI) was a futuristic buzzword in business schools; now it’s an ever-present classmate that cannot be ignored. From streamlining assignments to sparking debate on the future of education, tools such as ChatGPT, Grammarly, Notion AI and Perplexity are reshaping how students learn, how faculties teach and how qualifications are assessed. And although ChatGPT is like a brainstorming partner that never sleeps, educators warn that it should never be a substitute for human intelligence.
Creative thinking and critical reasoning are more important now than ever before. A2023 study by Professor Christian Terwiesch, of the Wharton School of Business, set out to answer this exact question. He fed OpenAI’s ChatGPT the final exam from his MBA operations management course.
The AI didn’t ace it, but it passed, earning a solid B to B-. “ChatGPT3 does an amazing job at basic operations management and case-based analysis,” Terwiesch writes. “But it stumbles on surprisingly simple maths and lacks the depth for advanced, multi-variable problems”.
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It could, however, adapt and improve when given hints. This, he says, highlights the growing importance of “human-in-the-loop” learning, a process where real people are actively involved in the development, training and operations of AI systems, instead of simply relying on fully automated systems. Integrating human expertise helps to improve the accuracy, reliability and adaptability of artificial intelligence, especially in situations where AI might struggle with context, bias or hidden errors.
For tomorrow’s industry leaders, AI literacy must be a core competency. Knowing how to prompt effectively, cross-check AI-generated insights and judge credibility is becoming just as crucial as interpreting financial statements and crafting business strategy. “Managerial decision-making involves evaluating polished but often flawed proposals,” Terwiesch explains.
“ChatGPT is the perfect stand-in for the overconfident consultant — it gives you a great-looking answer that might still be wrong. This is excellent training for the boardroom.” In this way, AI is not replacing business education — it’s enhancing it, by sharpening students’ ability to evaluate, challenge, and apply. This disruption, however, raises pressing ethical and pedagogical concerns.
If a chatbot can write a competent operations report or solve a basic inventory problem, what exactly are students being assessed on? In his analysis, Terwiesch warns against complacency. “Allowing ChatGPT during foundational exams is like letting students call a moderately competent friend to take the test for them. We need new policies — and smarter assessments.”
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