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Feb 2005 -- The Flaw of Averages
Professor Savage has been a
Consulting Professor At Stanford University since 1990.
After receiving his Ph.D. in the area of computer science from Yale
University, Sam spent a year at General Motors Research Laboratory.
He then joined the Management Science faculty of the University of
Chicago Graduate School of Business in 1974. Here he quickly
realized that an algebraic curtain separated management from
management science, and he abandoned the field as moribund.
In 1979, out of boredom, Sam invented, developed and marketed the
SHMUZZLE™ Puzzle, which was inspired by the artwork of M.C. Escher.
This puzzle was popular in the early 1980’s and has recently been
Then with the advent of the personal computer and electronic
spreadsheet, the algebraic curtain began to lift, and Sam was reborn
as a management scientist. In 1985, he collaborated on the first
widely marketed spreadsheet optimization package, What'sBest!®‚
which won PC Magazine's Technical Excellence Award.
In 1990 Dr. Savage came to Stanford where he continues to teach and
develop management science tools in the algebra free environment of
Microsoft Excel. His primary focus is on enterprise wide
visualization and management of risk. He has also been a Visiting
Professor at Northwestern University’s Kellogg School, the Naval
Postgraduate School in Monterrey, the University of Fribourg in
Switzerland, and the Judge Business School at the University of
Cambridge in the UK.
Sam’s acclaimed text and software, DECISION MAKING WITH INSIGHT has
been called a “must read” by Harry Markowitz, Nobel Laureate in
Economics. He has also been published in both refereed journals and
the popular press - with recent articles in the Harvard Business
Review, the Journal of Portfolio Management , Washington Post, the
Journal of Forensic Accounting and Financial Planning Magazine. Two
of his most popular essays: “The Flaw of Averages” and “Some
Inflammatory Gratuitous Remarks on the Accounting Industry” are
available for download from his Stanford website. Sam also consults
and lectures extensively to business and government agencies and has
served as an expert witness.
Sam is also the founder and president of AnalyCorp Inc.
(www.AnalyCorp.com), a firm
that develops executive education programs and software for
improving business analysis.