Executive Summary of Results

With the SBC Fellows Grant I have been able to create about a dozen flash animated tutorials on subjects such as the time value of money, risk and return, and capital budgeting. Some animations are still in process and should be completed this semester. The full package of animations will be available for use in F301 in the fall 2005 semester, although some preliminary class testing and assessment has already been done with very encouraging results. In brief, students report that they find the animations to be extremely helpful in learning complex financial concepts.

Need for the Project

Finance is a very technical subject, and intro classes are typically taught in very large sections. Students need a visual and interactive learning tool with which they can work before and after class to cement their understanding of the most technical topics in this field. At the MBA level, an additional complication is that students come into the program with widely varying academic backgrounds, so the flash animations help level the playing field for students with and without prior finance training.

Use of Technology

My project was to develop a series of flash animated tutorials with which students could work on their own, either as a way to prepare for class or a way to review class material. Many of the important ideas in finance involve dynamic relationships which are sometimes hard to convey with language or static graphical images. Flash animation is particularly well suited to communicate these ideas to novice students.

Instructional Design Plan

Describe how the use of technology used supported your teaching approach:

• What student learning outcomes were expected?
• How did your teaching plan encourage active learning, provide feedback, address respective learning styles, and build collaboration?
• What resources were used? (campus technology support services, etc.)
• Would your project be easily understood and executed by other faculty?

My expectation is that students would have a much easier time learning these technical concepts by having access to the flash animations. This would allow them to review material at their own pace as often as needed. My technology plan encouraged active learning because some of the animations invite students to respond before the animation moves forward. I gathered feedback on the success of the project in several ways, but perhaps the most telling feedback is that inevitably when students are first exposed to this kind of tutorial, they ask to see more. I have had this kind reaction from students at both the MBA and undergrad levels, both at IU and at other college campuses. The resources I used for this project were mostly outside resources. I did not use any campus technology. I think the technical execution of this project is beyond most faculty, but any faculty member with a budget could hire someone to do the technical work. The key input isn’t the computer programming, it is the vision of what the technology can do and how information can best be conveyed in a dynamic environment. I think almost any faculty member with several years of teaching experience and a passion for their subject could supervise the technical person doing the programming to replicate this kind of a tutorial in their field.

Potential to Impact Student Learning

Clearly define how your project improved student learning - include specific examples of how your project:

• Fostered depth of learning
• Supported efforts to improve retention
• Fostered the learning of large numbers of students
• Has broader applications that will affect learning K-12 or community environments?

I first used the flash animations in the MBA core course that I teach. Every MBA student who comes to IU takes this course (a number between 200-300 students per year in recent years). In addition, the technology will be used in F301 where it will be seen by more than 1,000 students each year. I have also used the technology in some of my online courses where it really shines. In an online environment, it is obviously a challenge to interact with students and to communicate complex ideas to them. Flash animation is an ideal tool to overcome those challenges.

The technology fosters depth of learning because an animated presentation allows students to see relationships and interdependencies among key variables (e.g., the interest rate and the price of a financial asset) that are difficult to communicate with static graphics or verbal descriptions. With the animations, students can explore on their own how one variable is tied to another. The fact that students have the ability to work through these animations as often as they like and at their own pace, helps them retain the key ideas.

Assessment Plan

Briefly explain the effectiveness of your assessment plan:

• What measure of assessment was used?
• How did your approach obtain measures of performance?
• Did you feel your measurement was accurate and effective?

Not all of my assessment efforts are complete, but the feedback I have received so far is very encouraging. As I have already mentioned, the most powerful signal that suggests that this technology improves learning is that students ask to see more of these animations once they have been exposed to them. Especially in my MBA and online classes, I see direct evidence (in terms of better test scores on my exams and better questions during my lectures) that the animations help students grasp difficult concepts quickly.

Two years ago we had discussed the option of switching our MBA JumpStart program (an option program for incoming MBAs) to an entirely online environment. I think we will move in that direction eventually, but so far we have not made the leap. We have, however, developed an online assessment tool to help student determine whether they are a good candidate for JumpStart. Next summer I plan to make some of the time value of money tutorials available to these students. They will take a pre-test to determine whether they should participate in JumpStart. Next, they will have the opportunity to work through some of these tutorials. After that they will take the test again to see how much they’ve improved.

Next fall I will have the opportunity to do an assessment of these tools in our intro class for undergraduates. By comparing the test scores of those students to those from prior semesters, I will have a fairly direct measure of the impact of this technology on learning. I think both of these upcoming assessment opportunities will provide accurate and effective feedback.

Plan for Colleague Development

Describe your role and activities as a mentor:

• What mentoring activities were implemented to assist colleagues?
• How did you help to develop colleague's instructional technology skills?
• How do you think your contributions to the Knowledge Base will help colleagues planning similar projects?
• Is your project approach potentially applicable to other contexts or disciplines?
• What tips would you offer?

This is probably the area where my contributions have been weakest, in part, because I have not been clear on when, where, and how to make contributions in this area. For example, I understood that part of my obligation as a grant recipient was to give a presentation or two on what I was doing. I assumed that this would be coordinated through TLIT. Perhaps I missed something, but I don’t recall being asked by them to give a presentation. I am certainly willing to do so.

On the other hand, I have given several demonstrations of this technology at professional conferences outside of I.U. In all cases the reception has been enthusiastic. A couple of years ago I published an MBA textbook (with an undergraduate version published in January of this year) that incorporates this kind of technology throughout. Often in my conference presentations people in the audience stand up during the Q&A time to say that they have adopted my book primarily because of the technology package that supports it. Again, this confirms the feedback that I’ve had from students that flash animation is a particular well suited tool for teaching finance.

There is no question that this approach is applicable to other disciplines. For example, I was recently approach by a company in San Diego which develops flash animated tutorials for sciences courses such as biology and chemistry. The company is looking to extend its product portfolio into business, and they asked me if I wanted to partner with them. I declined, but their existing products in other areas makes it pretty clear that this technology can be used effectively across many academic areas.

Probably the best tip I can offer is that an interested faculty member should look for opportunities to work with the technical experts at IU who do flash animations. I suggest thinking about one or two concepts that a particular faculty member’s students struggle with the most. Once a topic or two has been identified, then think about how that topic could be conveyed with a dynamic animation. Write out a script and then search for a person with the technical skills to execute your vision.

Final Comments on Project Results

• Do you think you met the goals of your project?
• What, if anything,would you do differently?
• Did you have any unexpected outcomes? (positive or negative)
• Would you recommend this teaching approach to colleagues?
• What other comments or suggestions would you offer to complete this report?

I think the goals of my project have largely, but not entirely, been met. My qualified answer comes mainly because not all of the animations have been completed yet, and therefore not all of the assessment work has been done. However, based on the feedback I’ve received on what has been completed, I am 100% confident that the project goals will ultimately be met.

I would not do anything different, nor would I say that I have had significant unexpected outcomes. The biggest hurdle to overcome on this project was simply keeping the animation production schedule moving given both my busy schedule and that of my professional animator.

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Last updated: 18 May, 2007

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