Evaluation of Regression Concepts Paper

December 13, 2022

Evaluation of Regression Concepts Paper

Order Number	636738393092
Type of Project	ESSAY
Writer Level	PHD VERIFIED
Format	APA
Academic Sources	10
Page Count	3-12 PAGES

Instructions/Descriptions

Evaluation, of, Regression, Concepts, Paper

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Regression concepts, whether basic or advanced, are utilized in a variety of business settings. One particular area that is gaining more prominence is trend forecasting or prediction analysis. With this understanding, watch the Ted Talk (Links to an external site.) .

Provide your thoughts on the content. Do you believe that relying too heavily on forecasting analysis quells creativity and the human element? Are there other negatives? What about positives? Lastly, provide at least one (1) other company or industry that you believe relies on forecasting to achieve their business goals. Do you believe that their creativity has been diminished? Be specific.

Comment on two posts from your classmates.

This is ted talk link: https://www.ted.com/talks/mahir_can_isik_how_companies_predict_fashion_trends_and_kill_individuality

Only 250 word was enough, also the two classmates reflection each one is 50 words

This homework is me and my friend homework, so I need two answer for it

First student

This TED talk given by Mahir Can Işik instantly made me think of a company called Stitch Fix. I know that Mahir was talking about fashion and Stix Fix also is a fashion company, but I feel that they have a unique business model that brings a lot to this discussion. Stitch Fix uses predictive forecast on the level of an individual customer in a way that fascinates me. Of course, they also use macro predictive forecasting for their marketing, logistics, supply chain, and every other aspect of the company, which they explain in great detail on their “Algorithms Tour” https://algorithms-tour.stitchfix.com/ (Links to an external site.) . I highly recommend that you take a look.

The Stitch Fix business model works like this: Customers are asked to complete a profile. Based on that profile, the company sends the customer five clothing items that they predict the customer will like. Then the customer keeps what they want to buy and returns the items that they do not want. Next, the customer is asked to give feedback on what they liked and did not like about the items. This new information is then added to their profile used in the selection of the customer’s next order.

Stitch Fix has used the information gathered from their customer feedback to determine that there are some clothing items that they cannot buy from suppliers. So, they have started to design and manufacture some of their own clothing to fill these niche demands. In this way, predictive forecasting has made Stich Fix more creative, in a smart way. (Sidenote: I do think that a concern for using predictive analysis for logistics is that it creates hyper-efficiency and diminishes the slack in the supply chain that would be useful in emergencies or other unforeseen market changes.)

When I discovered Stitch Fix a couple of years ago, I tried it – mostly because I wanted to see what they would pick for me. I was surprised. I really liked what they selected, and I bought some of the items. So, I asked myself the question “shouldn’t I pick out my own clothes as an expression of my identity?” The answer is NO! I really do not enjoy shopping for clothes. If a predictive algorithm can do it for me, and I like the outcome, then I have better things to do with my time.

I do not think that relying too heavily on forecasting quells human creativity. If we are aware of the algorithms, it just becomes part of our human decision-making process. For example, I could spend hours looking for a dress to wear to my friend’s wedding, or I could decide to let Stitch Fix pick it out and spend that time making a personalized wedding gift for my friend.

Stitch Fix Inc. (April 25, 2019), Algorithms Tour. https://algorithms-tour.stitchfix.com/

Second student

What is clear is the influence of trend forecasting on increasingly broad aspect of our lives, form what we eat form breakfast to the feature on our smartphones. It is the invisible hand that refines our choices before we even know we are making a choice. The general democratization of information that has been unleashed by the internet overthrew many products by store placement or market techniques. You no longer need a powerful position of recognition to influence; all you need is your phone. Trends signal the emerging needs of the consumer, and as a company, it can capitalize on the potential for turning a profit. By understanding consumer shifts and product trend predictions, companies can both avoid bad product choices and capture market opportunities.

Worth Global Style Network, or WGSN, is one of the biggest and most influential trend forecasting companies. It has been around for almost two decades and serves thousands of client in nearly 100 countries, including Nike, H&M, Starbuck, and NBC. WGSN work with statistics and projections to make their forecaster. WGSN isn’t just fashion predictions (they also offer consumer behavior insights and marketing strategies) though 53% of their clients are in the fashion industry.

I think there has to be some element to creativity with forecasting trends. I do feel that many companies place/create products that will provide them with a profit and tend to lean on the safe side to follow current trends. I do not feel the creativity is being diminish with trend forecasting. Particularly with fashion, my concept of what “fashion” is likely different from my classmates. A shirt from this company, a pant from another company, a pair of shoes from a third company to create a personalize outfit that suits the individual.

Moore, Kale (2021, May 21). How to Predict The Future With Trend Forecaster Laura Saunter of WGSN Insight. Forbes. Retrieved Sept 21, 2021 www.forbes.com/sites/karlmoore/2021/05/29/how-to-predict-the-furture-with-trend-forecaster-laura-saunter-of-WGSM-Insight

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Evaluation of Regression Concepts Paper

RUBRIC

Excellent Quality

95-100%

Introduction

45-41 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Literature Support

91-84 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Methodology

58-53 points

With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached.

Average Score

50-85%

40-38 points

More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied.

83-76 points

There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration.

52-49 points

The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached.

Poor Quality

0-45%

37-1 points

The context and/or importance are lacking. There is no search history information supplied.

75-1 points

There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references.

48-1 points

There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached.