Gurome's Quant Blog Series – Probability Q82

What is the probability that Rostha and Sara will say the same thing (i.e. either both of them will speak the truth or both of them will tell a lie) while describing an event?

(1) Rostha speaks truth 80% of the times.

(2) Sara tells a lie 30% of the times.

(A) Statement (1) alone is sufficient, but statement (2) is not sufficient.

(B) Statement (2) alone is sufficient, but statement (1) is not sufficient.

(C) Statements (1) and (2) together are sufficient to answer the question.

(D) Either statement alone is sufficient to answer the question.

(E)  Statements (1) and (2) taken together are NOT sufficient to answer the question.

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The Curious Case of Plagiarizing MBA Application Essays

UCLA's Anderson School of Management recently rejected a dozen MBA applicants for plagiarizing their MBA application essays. Many of these MBA application essays were either copied from the web or recycled essays offered by MBA admissions consultants. A service called Turnitin for Admissions, which many business schools have been using since 2009, helped UCLA detect the cases of plagiarism. In a world where the line between right and wrong has blurred, educating MBA applicants on what falls within the scope of "permissible" and what is simply "unacceptable" assumes paramount importance.

Whether you are engaging MBA applications consultants or working on your applications on your own, here are few guidelines:

Your Goals and Your Dreams: You are pursuing an MBA to further your goals and your dreams. For example, if you do not have entrepreneurship in your blood, putting that in the essay because someone has asked you to is like living someone else's dream. Your essays will lack passion if you do not believe in what you write.

Your Expression: Your expression is unique and that is what sets you apart from candidates X and Y. Anyone who offers to "write" the essays for you is robbing you of your expression. If you are engaging professional help for your MBA applications, hold discussions with your counselor, learn how to structure your essays, get your essays reviewed and edited, but write your own essays even if the process takes you through 5 iterations.

Your Research: Your research on business schools will yield you better results than anyone else's. You would understand the cultural fit the best. Visit the school, attend a class, attend information sessions, and talk to alumni of the school to learn about the "fit" rather than lifting off what is on the school's website and pasting it onto your application essays.

Your MBA application essays: Do not ask for samples from either friends who are currently studying or have graduated from business schools you are keen on applying to. We at Gurome have been approached several times for winning sample essays, but we have repeatedly declined such requests. Samples can influence you so strongly that you might regurgitate what you have read in the sample essays without even being conscious of it.

Just as business schools are wary of plagiarism, they are keenly aware that many reputed admissions consulting firms have in fact been started by their very own alumni. A few top business schools such as Tuck School of Business have gone on record (watch video) saying that educational advisors or MBA admissions consultants when used appropriately can be a "wonderful resource for applicants who need a sounding board on getting advice on what MBA programs may be a good fit for them…" If you should seek help, exercise caution in choosing your Admissions Consultant, pour your heart into the essays, and make your MBA application count. 

About Gurome:

Gurome offers GMAT Test Prep courses, a free GMAT test, MBA admissions consulting, Ph.D. Admissions Consulting, Career Counseling services, and a lot more.

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The Changing Landscape of Business Studies

With major developments in every career and job and new fields coming up faster than you can say MBA, business schools have started to adapt. MBA programs across the United States have been criticized for teaching their graduates to think profit and only profit. With the financial scandals and worst downturn in decades, business schools have been forced to shift their attention toward sustainability, long-term profitability and social responsibility. The list of top business schools that have revised their curriculum to stand with changing times includes Wharton School and Kellogg School of Management amongst others. Harvard even chose ethics scholar Nitin Nohria, as Dean.

Take for instance Berkeley-Haas's spring 2012 course offerings. Full-time Berkeley-Haas MBA students have the opportunity to choose from two new courses that focus on the environment. The choices are Environmental Management and Policy or Ethics and Decision Making in Green Product Design. Berkeley's Evening & Weekend MBA students and Berkeley-Columbia Executive MBA program students will get to choose from some new, unique courses as well. And it isn't just the MBA students who will benefit from Berkeley's efforts to prepare its students for the fast evolving real world - five new courses and two workshops have been added to the Berkeley-Haas Undergraduate program list. These include a course in Diversity Marketing and Media that will focus on an in-depth look at niche markets, and Business & Sustainability which will cover topics such as corporate carbon footprints, sustainable value chains, financial and environmental reporting, and sustainable product development. And there's more on that list.

Another top business school that's moving ahead of business as usual is University of Rochester's Simon School. Simon is the home to one of the most cited business school articles of all time; a 1976 piece written by Jensen and Meckling. The article focused on the extent to which principals (stockholders) are able to ensure that their agents (managers) will promote their interests in a world where there are agency costs (imperfect information and policing). The key insight is that managers behave more in line with owner interests when they have more 'skin in the game'.

"So much of the sub-prime crash was caused by actors not having sufficient or appropriate skin in the game and the lessons of the Jensen Meckling article not being fully understood or relied upon," explains Dean Mark Zupan. "We are working on making our graduates stand out through better appreciation of the Jensen-Meckling insight and thereby learn from the recent downturn while working to prevent such debacles," he adds.

Along with green management and ways of dealing with the recent economic situation, there's another urgent topic - ethics. Ethics is an area of study that wasn't a major component of the business studies curriculum until recently. Harvard Business School prides itself with its ethics courses for MBA students which were introduced more than five years ago. The number of schools requiring a course in ethics, business in society or a similar topic, jumped from 34 percent in 2001 - before the Enron collapse - to 79 percent in 2011, according to the results of a semi-annual survey of business schools published by Beyond Grey Pinstripes.

Clean-tech is another area that's been picking up pace in the MBA programs arena. In 2010, Chicago-Booth School of Business introduced the Clean Technology Lab, designed to give students a strong foundation in clean technology through hands-on learning. Throughout the quarter, student teams work on a project with a leading clean-tech firm or research laboratory. The project could entail solving the company's marketing or operations issues or developing a commercialization plan. In addition to the project, there are lectures, discussions and interaction with experts in the field of clean-tech.

With several "non-traditional" courses being listed to the business school education, it's clear that times have changed drastically but at least top business schools are keeping up!

Visit the Gurome website to find out more about our GMAT Prep Course, GMAT Sample Test, MBA Admissions Consulting, Career Counseling and other services. You can also join us on Facebook and Twitter, to get frequent updates on b-schools, MBA Applications, careers, news, events, articles.

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13 MBA Admissions Blogs You Need to Follow

Are you looking at the right places for information on business schools? Do you follow the right blogs? Blogs by admissions directors, business school students, and reputed MBA admissions consultants, often offer a gold mine of information on business schools. They help you learn the culture of a school, make you aware of the causes that are dear to the school, and in many ways help you prepare for your MBA application and MBA admissions interview. We have picked a few for you in random order. Yes! We have included ours too.

1. Berkeley MBA Students: http://bitly.com/wYMIE3
2. Wharton Student Diarist: http://bitly.com/wvl9jq
3. Kellogg Insight: http://bitly.com/yvC4Bs
4. Dean Blount's blog: http://bitly.com/AzQfHQ
5. Chicago Booth Blog: http://bitly.com/AxyJoa
6. Daytime MBA Student Blog, Fuqua: http://bitly.com/zURE7C
7. Darden Admissions and MBA Blog: http://bitly.com/xBLQ3F
8. Ross Admissions Blog: http://bitly.com/zzWSIj
9. Poets and Quants: http://bitly.com/xdUj7O
10. Gurome Blog: http://bitly.com/x64ify
11. Cleardmit: http://bitly.com/xZtAHq
12. Accepted: http://bitly.com/AznHBf
13. MBA insider business week: http://buswk.co/xM2ld2

About Gurome: 

Gurome offers GMAT Test Prep courses, a FREE GMAT Test, Admissions Consulting and Career Counseling services, and a lot more. Visit Gurome website and find out more about our products. You can subscribe to this blog and connect with us on Facebook and Twitter.

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5 Startup Essentials for an Aspiring Entrepreneur

Ancient Chinese had a funny way of encapsulating serious messages in pithy sayings. "May you live in interesting times" is a Chinese curse that applies to the current times. Curse or not, we do live in very interesting times. Technologies of all kinds - web, mobile, medical - have gathered so much momentum that a new generation of products that completely replaces the previous one is born every few years, much faster pace than ever seen in human history.

But we also have a major meltdown in global economy in progress. Businesses have cut back and jobs are not as plentiful as they were in the previous decade, with a few regions serving as exceptions. Historically, though, the tough times have served as the crucible for powerful new ideas. Ideas that are born and burnished in such time have long, powerful legs. Proven in adverse economic conditions, the survivors among the businesses take off when the good times return. Starting up a new venture in such a time, while seemingly very difficult, may then be quite the right thing. Especially if you have been thinking about starting something on your own for a long time. Especially if your current job offers nothing to look forward to.

Granted a startup is never easy. Only a select group survives the first few years. What is it that makes some businesses tick and what are the most common reasons why startups fail? Here is our top five pick to watch out for the most common pitfalls.

1. Team up with people who are as convinced about the mission of the company as you are: It is impossible to build a business on your own. Team up with the right kind of people. Every individual working in a startup is its spokesperson. Therefore it is absolutely important that each of them is sold on the startup's mission statement. This passion reflects when one is talking to potential clients and creates a positive vibe.

2. Position and Time yourself right: We are in a world where there is no dearth of ideas. Odds are, many before you have thought of the concept you are thinking of. It is important therefore to be clear about what is your unique value proposition, what you do that is better and different from every other thing. Position your idea clearly and distinctively. More importantly, it is good to have a vision for the company but it is also important to serve the market of today. Be adaptive and time your products and services right. Your ability to keep up with the changing environments will ensure the longevity of your venture.

3. Gauge your market size and plan market development well: Entering a niche field that requires a lot of market development is difficult for a small company. It may be easier to pick a market that already exists and is ready for a new, differentiated solution. If you do decide to build your venture to serve a special market that is not yet ready for prime time, think about your immediate market and how you will serve it.

4. Cash flow is king: Many a brilliant innovators has been undone by poorly managed finances. Cash and cash flow are lifeblood of startups. Even a short period of cash starvation can choke the fledgling venture. Calculate the overhead costs and expenses carefully. Raise enough money to tide you over until your revenues can cover your expenses and generate positive cash flow. While it is important to cut corners in a startup, being too stingy can hurt you.

5. Invest in a website: That's the first place where your potential customers and team members will find you. The importance of a simple yet effective website cannot be understated. List out the products and services offered in a clear and lucid language. It is important to get the messaging right rather than focusing on flashy websites. As the second Chinese proverb that goes with the first one listed above says "May you come to the attention of powerful people."

Of course, not all of these will work for all the startups. But the ideas behind these tips are universal. If you are passionate and persistent, and you tweak your business plan to fit the needs of time, and you manage your marketing message and your precious resources well, you will be more likely to succeed. At the very least you would have done something interesting in these interesting times. To complete the reference to the triad of the Chinese proverbs, let us at Gurome offer you this:

"May you find what you are looking for."

About Gurome:

Gurome offers GMAT Test Prep courses, a free GMAT test, MBA admissions consulting, Ph.D. Admissions Consulting, Career Counseling services, and a lot more.

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A few gains and a few losses: The FT Global MBA Rankings 2012

The Financial Times Global MBA Rankings 2012 are out and with it some minor and major upsets. Although there is not much change in the top 5 positions, Stanford GSB is at number 1 position, toppling London Business School and Wharton that shared the 1^st position in 2011. London Business School is at number 4 this year, while Columbia Business School moves up one position to be at number 5. Hong Kong UST Business School moves down by four places to end up at number 10 this year. The Indian Institute of Management, Ahmedabad that entered the FT ranking last year at number 11, continues to hold fort at number 11. A major upset this year comes for The Indian School of Business, which is pushed down to number 20 from its erstwhile 13th position. One of the steepest climbs this year has been for the Haas School of Business, University of California-Berkeley which has moved up to number 14 from the earlier 25^th position. Fuqua School, Duke University climbs 5 places to be at number 15 this year.

Read Gurome's blog , The Business School Ranking Conundrum to learn how best to use the ranking charts.

Gurome helps you navigate the complicated business school selection and MBA application process. Sign up for a free review of your profile here. Gurome offers GMAT Test Prep, MBA, M.S., Ph.D admissions consulting, and Career Counseling services. Feel free to write to us at info@gurome.com. Follow us on Facebook and Twitter for latest news, events, and updates on advanced education and careers.

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Gurome's Quant Blog Series - Probability A81

The solution and explanation to the question on Probability posted here is as follows.

Explanation:

An outfit consists of 1 frock, 1 hat, and 1 pair of sandals.

From 3 different frocks, 2 different hats, and 3 different pairs of sandals, we can have 3 × 2 × 3 = 18 sets of outfits.

Total number of ways in which these outfits can be worn on all 3 days is 18 × 18 × 18.

The favorable event is that Mary wears the same hat on all 3 days, but the frock and sandals are different each day.

Now there are 2 possibilities.

1.    Mary wears the first hat on all 3 days.

2.    Mary wears the second hat on all 3 days.

What we need to do is to find the probability of each of the above 2 possibilities and add them up.

Take the first possibility.

This means that 3 frocks have to be distributed among 3 days. This can be done in 3! or 6 ways.

Also, 3 pairs of sandals have to be distributed among 3 days. This can again be done in 3! or 6 ways.

So, we can say that the number of ways in which Mary wears the first hat on all 3 days, with frock and sandals varying everyday is 6 × 6.

Hence the probability of this particular event is (6 × 6)/ (18 × 18 × 18).

Next, take the second possibility where Mary wears the second hat on all 3 days but the frocks and sandals are varying every day.

Since every other condition is same, the probability of this event is also (6 × 6)/ (18 × 18 × 18).

So, the required probability is (6 × 6)/ (18 × 18 × 18) + (6 × 6)/ (18 × 18 × 18) = 1/81

The correct answer is C.

Difficulty Level: 650

Gurome offers GMAT Test Prep courses, a FREE GMAT Test, Admissions Consulting and Career Counseling services, and a lot more. Visit Gurome website and find out more about our products. You can subscribe to this blog and connect with us on Facebook and Twitter.

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Gurome's Quant Blog Series – Probability Q81

Mary chooses an outfit from 3 different frocks, 2 different hats and 3 different pairs of sandals. If she randomly selects 1 frock, 1 hat, and 1 pair of sandals each morning, what is the probability that she wears the same hat each day but no frock or sandals is repeated on all 3 days?

(A)1/324

(B)1/162

(C)1/81

(D)1/9

(E) 1/3

Sign up for our GMAT Practice Test here.Please feel free to write to us at info@gurome.com if you have any queries. Gurome offers GMAT Test Prep courses, MBA admissions consulting, Ph.D. Admissions Consulting, Career Counseling services, and a lot more. Stay connected with us on Facebook and Twitter for latest news and updates on advanced education and careers.

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MBA Application Essays: Ask yourself these 10 questions before you start writing

In a world of competitive GMAT scores, brilliant academics, great professional graphs, it is often your personal traits and awareness of the self that distinguishes you. These 10 questions are aimed to help you introspect better before you start penning down your MBA application essays.

1. What is unique about me?

The answer needs careful consideration. These could range from leadership, public speaking, and analytical skills to something more personal such as being able to make connections, thinking on your feet, etc. Most applicants tend to view themselves as no different than other peers at first. But a deeper review will reveal facets and flavors unique to you.

2. What are my career goals?

The more well defined they are, the better it is. This goes with the need to be aware of the self so that you can represent yourself with some precision. Your future career goals must reflect that self-awareness.

3. How far am I from reaching my goals?

Take a printout of your resume and plot your growth curve and see where you are headed. If you have not moved in the direction you had planned for, there is still time to make those necessary tweaks before it is too late.

4. Will an MBA further my goals?

It is important to be aware of what exactly you will gain from your MBA. After 2 years and a substantial loan, you should not regret the decision.  Be specific and extensive in your assessment of the utility of an MBA - do not limit yourself to the explanation you will include in your MBA application.

5. Am I putting the unique skills I possess to best use?

We often either choose careers or get into lines of work that use only part of our skillsets. Once you have identified your unique skills in the Question No. 1, see if you are bringing them to bear in the current role. Think about how you can tap more into those unique skills as you plan your goals. Ensure that your goals and skills are well aligned.

6. What am I passionate about?

Although listed at number 6, this perhaps is as important as the Question No. 1.  Passion is the essence of most successful careers. Unless you do not feel passionately about something, you are not likely to channel all your energies to achieve that thing. You can start by thinking about what brings you most satisfaction and jot down your responses. Your passion could be something serious and weighty, like fighting cancer. Or it could be seemingly light, but no less important, developing fun online games. Your passion could range from public speaking to starting a venture of your own. Even when you cannot think of anything specific as your passion, you almost certainly have one. Just dig deeper.

7. Who or what has influenced me the most in my life?

Think of a few examples - both personal and professional - and why they impacted you. The example could be a personal loss, a moment of awakening, or admiration for somebody because of certain factors that you would like to emulate.

8. What have I learned from the mistake/s I have made?

The mistakes are not half as important as the learning. You could talk about an error in judgment or errors in calculation but it is important to mention how you addressed the error and what the experience taught you. Make sure you know what your biggest mistakes in life have been. More importantly, make sure you know what those mistakes have taught you.

9. Have I researched the school enough before making the school a top choice?

Think of this as buying a house. Before you make the investment you make all the necessary checks. After all you do not want to spend two years of your life in a neighborhood you dislike or an environment that is not conducive for your personal growth. Or think of it as a search for life partner. You will be spending a big part of your life, first as an MBA student and then as an alum, with the school community. You want to choose well.

10. Will I stay focused on my goals even without an MBA?

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Submitting your MBA Application in Round 3: Should I or Should I Not?

You have been working diligently on your MBA plans for the last 6 months. May be your GMAT took longer than you expected and somehow you missed the second round deadlines. And now you are wondering whether you should apply in the third round. You have heard that the odds of getting in go down quite a bit in the 3^rd round. But you really want to start this Fall. Should you wait for the next year or apply in Round 3? What are the pros and cons of applying to the last round (penultimate round in some cases)? To be? Or not?

It depends, frankly. The best time to apply to a business school is when you are ready. When you feel that your entire MBA application - GMAT, Essays, letters of recommendations, supporting documents - is as complete as you could get. When you feel your application is 90%, or 95%, or 99% (whatever your numerical threshold is) done.  

If you are an international applicant, you may be advised by the school to apply in the earlier rounds so that you have enough time to secure a visa, but we think there is plenty of time even after the 3^rd round decisions. In fact, the official website of Chicago Booth School of Business specifically mentions, "While we recommend that international students apply in earlier rounds, there is sufficient time for students to apply for and secure a visa in Round 3."

Early applications have some other benefits too, in addition to higher likelihood of getting in. The Stanford Graduate School of Business (GSB) official website clearly points out some of the other advantages of an early admit "While we admit outstanding individuals in all three rounds, there are some advantages to applying in either the first or second round." Some of these perks at Stanford GSB include:

• The ability to receive an aid award from the Financial Aid Office prior to the date by which you must respond to your offer of admission.
• Ample time to complete preliminary quantitative and/or language coursework prior to arrival on campus.
• Access to the on-campus housing lottery and/or Schwab Residential Center housing.
• Sufficient time to complete the visa application process (international students).
• Enables attendance at Admit Weekend. (There is no Admit Weekend for third round admits.)

Yet, the website also cautions, "It is important that you apply only when you feel your application is as strong as it can be."

Our view is that if you have been working on your MBA application for a bit, you may want to go ahead with the 3^rd round. Especially if you are keen on starting this Fall. However, if you your MBA plans have just started to come together and you have not had a chance to reflect on your story, have not researched your schools well enough, or have not lined up your recommenders, we recommend you hold off your application until the first round later this year.

If you have done much of your homework and are determined to submit in the third round, now is the time to dig in. March and April is when most third round applications are due (see the table below). So you have 6-8 weeks to give it your best shot. And we can help. We have worked with clients who have secured admission in Round 3. Here is to wishing you the very best for your MBA applications for Fall 2012 start date.

About Gurome: Gurome is an advanced education and career services company. Sign up for a FREE admissions consulting session today: http://www.gurome.com/info/consulting_packages.html. Gurome also offers GMAT Test Prep courses, MBA admissions consulting, M.S. and Ph.D. Admissions Consulting, Career Counseling services, and a lot more.

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