These three approaches have all their advantages and disadvantages and allow a great number of combinations. Our idea is to implement a three-step solution.
TCO 8—Given a more complex problem, develop a complete solution that includes a comprehensive statement of the problem, complete program design, and program documentation.
Define the problem is the most useful strategy for me. It is often hard to identify the root of the problem when making a decision. For example, goal setting can be difficult when you have more than one goal that you want to accomplish. I have so many goals that I want to accomplish, but the problem is trying to finish them all at once. Doing so I never complete any goals. It becomes too stressful and overwhelming. Once I define the problem I can start organizing the information from what is important and what is more realistic to complete first.
One of the bigger examples used in the article was Target. Target created algorithms and means of understanding what a single person might need to buy, or what they can tell them they need to buy. Target can tell by what a person has bought, what that person will buy in the future. So, if the fictional Target shopper used in the article goes out and buys things that a pregnant woman would need, Target can used the information to determine that she will need products that are similar in the future. By figuring out that she is pregnant Target can send coupons and ads to her so that she will come again, and once she comes again they can reward her by giving her a discount or something free like a Starbucks.
Exact optimisation method is the optimisation method that can guarantee to find all optimal solutions. In principle, the optimality of generated solution can be proofed mathematically. Therefore, exact optimisation is also termed as mathematical optimisation. However, exact optimisation approach is impractical usually. The effort of solving an optimisation problem by exact optimisation grows polynomially with the problem size. For example, to solve a problem by brute force approach, the execution time increases exponentially respect to the dimensions of the problem.
Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.