The "Presidents' Study" is a collection, classification, and analysis of weekly student contact hours (WSCH) and full-time equivalent (FTE) faculty data gathered from a number of participating California community colleges. The data are treated by various formulae, ratios, and graphs to indicate loads, trends, and costs. Unfortunately, the nature of the data is highly volatile, and the statistical treatment results in dangerous oversimplifications. This document points out the technical errors made in the statistical analyses, particularly in relation to faculty work load computations. It also notes that: (1) WSCH data are based entirely on fourth week attendance, rather than on attendance for the entire course; (2) "normative FTE" is a myth; (3) the Study considers all faculty members to contribute equally to "cost" even though they are not equally expensive; (4) identically coded courses are not in fact identical; (5) the study considers total costs, rather than marginal costs; (6) the data lags by one full year; and (7) the study bases its enrollment projections on past enrollment figures, totally ignoring external events such as demographics, unemployment, and technological patterns. The author suggests possible improvements and illustrates how the ideas of the study, when applied with caution, can be used in an institutional research setting to complement managerial decisions. (DC)