Thursday, March 20, 2008

Madness

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I remember reading an article a few years back about the effect of the NCAA Basketball Tournament on worker's productivity. Business Journal's 2006 article reported that "employers will lose about $3.5 billion in wages paid to workers over the next several weeks as employees scramble to fill out and track their March Madness brackets until the men's college basketball championship game is played". One research firm "determined the nearly $4 billion loss by working with Bureau of Labor Statistics wage data and information from the Internet tracking firm Hitwise. It calculated the time spent by workers on the ESPN.com college basketball site last year was 13.5 minutes per day. "

Another article in published in the Central Valley Business Times on March 10th stated that :
With as many as 37.3 million workers participating in March Madness office pools and up to 1.5 million watching games online from their desks, it is a wonder that any meaningful work is actually completed during the last two weeks of March, when the NCAA holds its men’s college basketball championship tournament, says outplacement firm Challenger, Gray & Christmas Inc.

According to its annual estimate, the annual distraction could cost employers as much as $1.7 billion in wasted work time over the 16 business days of the tournament, starting the Monday after the teams and brackets are selected (March 17) through its conclusion on Monday, April 7, in San Antonio, Texas.

The Challenger estimate is based on the number of people expected to participate in office pools, the amount of money they earn and the amount of work-time wasted on March Madness related activities, whether it is trash talking at the water cooler or watching live videos of the games during business hours.

It’s estimated that anywhere from 28.6 million to 37.3 million Americans will participate in March Madness office pools. A 2006 Harris poll found that 13 percent of Americans aged 18 and older (28.6 million people) planned to take part in a March Madness office pool. But others, including the American Gaming Association, cite a 2005 NCAA survey that put the number of March Madness office pool participants at 30 million. The most recent estimate comes from the online recruiting site, Vault.com, whose 2007 Office Betting Pools Survey found that 27 percent or 37.3 million of the nation’s workers have participated in March Madness office pools.

Scott has set up a group at ESPN.Com Bracket Challenge for anyone interested making predictions and some friendly (and free) competition. The group name is Where's PSU?. The password is PSU. I am a Vanderbilt alum (the 4th seed in the Midwest Region) and will be rooting big time for the Commodores.

Anyone else follow the tournament and have a favorite team ?????

Oh....training, yes....my "non-productive" day started with a 5:00 AM 6-mile run at a decent clip (about an 8:30 pace) in crappy weather.

12 comments:

  1. anthony,

    sorry, i don't follow bb - unless you count the madcap adventures of my daughter's middle school rec team :D

    horrible day to run yesterday - ugh :(

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  2. Your Welcome Bro.... I have Vandy making the sweet 16 but they lose to Kansas .... BUT KANSAS wins it ALL so not a bad team to lose to.

    ANyways take ur mortgage put it down on Kansas --lmaoooooo

    SIgh)))) now that I that I said it friggin Kansas will probably be upset in the first round :-(

    It's Maddddddddddddddddddddddd - ness Time!!

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  3. Why are you guys so into it? I remember back in NY when the whole company I worked for went nuts over those sheets with numbers. Crazy!

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  4. anthony -sounds like you've caught the madness. It brings me back my wall st. days when they all went crazy over MM betting --Duke was (still is) popular!

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  5. My wife is pumped to watch nothin' but hoops! ha ha... I think she'd rather I go out for a long run...

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  6. Thanks for stopping by. Come back for Part 2
    My team UGA aka "Cinderella" lost a close one today to Xavier so my interest is gone.

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  7. Well, so much for a tourney run for UCONN! They opted for just a quick run.

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  8. I guess I'm one of the few who doesn't follow it.

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  9. Well, I don't watch basketball so I guess that leaves me out.........unless it involves drinking beer, then I'm in! I'll borrow Jess' pitcher!

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  10. okay, my brother and his family were over for easter today - and the t.v. was taken over by march madness - argggh!!

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