Evaluation of Regression Concepts Paper
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53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
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4 |
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5-10 Pages |
Description/Paper Instructions
Evaluation of Regression Concepts Paper
Evaluation, Regression, Concepts, Paper
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
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
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5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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