Overview
Luis Guilamo indicated that system 1 and system 2 mindsets both have their place. As he gets more experience with a problem, he relies more on system 1 because time is of the essence. In contrast, when he sees a new problem, he suggests that a system 2 mindset is important.
As the business environment evolves, more decisions become automated. The process of automating those decisions requires a system 2 mindset to break down a problem into smaller pieces, find a solution to each piece, and then combine the solutions together into a cohesive workflow. Once a decision has been automated, a system 1 mindset can be used to approach those problems in an autopilot fashion because data analytic tools are used to weigh the evidence, apply rules, and make a final decision.
Two things inevitably lead us back to a system 2 mindset. First, there are times when the automated process fails because of a scenario that wasn’t included in the modeling process. Second, attention is freed up to focus on automating another business process.Thus, business improves by going back and forth from system 1 to system 2 mindsets.
In this assignment, you will be asked to identify a decision that has become more automated with the help of data analytics. You will then be asked to consider the process of making that decision more automated. Finally, you will need to consider failures in the automated process or next steps that would require a system 2 mindset to be brought to bear again.
Instructions*
Answer the following questions:
1. Identify a business decision that has become more data-driven, such as evaluating loan applications or trading stocks. You can use an example from your own experience, or one that you learned about from your own investigation. You may also consider a business decision that has not yet become more data-driven, but that you would like to become more data-driven. In 100-300 words describe how this decision is made without the help of data analytics.
2. Consider how a system 2 mindset was used, or could be used, to employ data to automate the decision so that it requires more of a system 1 mindset. In 100-300 words describe the process of using data to automate the decision. You may consider describing aspects related to accessing and assembling data, analyzing the data, upgrading the technology and human capital, and necessary changes to the organizational culture so that the output from the data analyses is acted upon.
3. Consider how the automated business decision has or might require a system 2 mindset either through a failure in the automated version of the decision, or the desire to automate a related business decision. In 100-300 words please describe the factors that require a system 2 mindset to be brought to bear on the automated decision described in step 3.
CS 340 Milestone One Guidelines and Rubric Overview: For this assignment, you will implement the fundamental operations of create, read, update,
Retail Transaction Programming Project Project Requirements: Develop a program to emulate a purchase transaction at a retail store. This
7COM1028 Secure Systems Programming Referral Coursework: Secure
Create a GUI program that:Accepts the following from a user:Item NameItem QuantityItem PriceAllows the user to create a file to store the sales receip
CS 340 Final Project Guidelines and Rubric Overview The final project will encompass developing a web service using a software stack and impleme
