Assignment
Models Will Run the World By Steven A. Cohen and Matthew W. Granade.
TOPICS: Business Models, Competitive Strategy
SUMMARY: The software revolution has transformed business. What's next? Processes that constantly improve themselves without need of human intervention. (Related article) There used to be a strict hierarchy: Traders made money and won glory while programmers wrote code and stayed out of sight. Those days are over.
CLASSROOM APPLICATION: There's an emerging intersection between computer science and business. Think about how you can prepare yourselves for this and leverage it as an opportunity in your careers.
QUESTIONS:
1. (Introductory) In your own words, explain what a model is in the context of the article titled "Models Will Run the World".
2. (Advanced) Explain what is meant by this phrase: "A model-driven business is something beyond a data-driven business."
3. (Advanced) Select one of the companies featured in the article as an example of having a model, and explain more fully how that company has leveraged its model to outcompete its rivals.
4. (Advanced) Besides the companies and industries mentioned in the article, what's a company in a different industry that you would suggest could develop a model to achieve a competitive advantage?
5. (Advanced) What are the implications of the fact that programmers are gaining greater influence in the trading world? Is there any possibility that such a trend might also be occurring in marketing?