week5

Neural network is one that has the ability to learn and generalize. The text talks about neural network were created with the view to help the Credit card companies and banks to gauge risks associated with their schemes. The old methods used by financial teams had issues of data integration, judgments which were biased and judgments that could only be made based on large number of cases. Also old methods could only accurately provide information when used with well structured domain models. The current business requirements are unstructured making it hard for implementation of old systems, that’s where Neural network is very efficient and accurate in its results and information.

This technology has helped detect the accounts which were initially considered good and early detection of such cases has helped banks save money. This tool is becoming a part of modern banking systems where its implementation is helping the business avoid any shortfalls they have previously faced. Visa is great example of a company which have realized benefits of using this tool.

Over the years this tools has been updated with demands and consistent tests on data have shown the key value this adds to the financial sector. The results have provided information on various demographics of population and other features such as Credit card application forms. It is also revealed that further analysis of data with key factors can better the accuracy of the information.

Week 3

This week I was reading the "When Choice is De motivating: Can One Desire Too Much
of a Good Thing?" by Sheena S. Iyengar and Mark R. Lepper. The main idea of this article is talking about people have common supposition in modern society that the more choices, the better. But the participants actually reported greater subsequent satisfaction with their selections and wrote better essays when their original set of options had been limited.

The study using 3 different cases to establish the theory, they are:

1. Exotic jams
2. The extra credit assignment
3. Chocolate

The cases are all set to 2 different method, one is allow the participants have around 6 choices (limited-Choice), another is allow them have 24-30 choices (extensive-choice). Base on the results of the 3 studies, the researcher found that people seem to enjoy extensive-choice contexts more than limited-choice contexts, they may sometimes prefer to make available to themselves many more choices than they can possibly handle. although having more choices might appear desirable, it may sometimes have detrimental consequences for human motivation. Choosers in extensive-choice contexts enjoy the choice-making process more—presumably because of the opportunities it affords—but also feel more responsible for the choices they make, resulting in frustration with the choice-making process and dissatisfaction with their choices.

Therefore, it is worth considering attributes of contexts in which the provision of extensive choices does not lead to choice overload. such a finding may seem counterintuitive to social psychologists long schooled in research on the benefits of choice, the commercial world seems already to know what experimental psychologists are just now discovering. Several major manufacturers of a variety of consumer products have been streamlining the number of options they provide customers.