Digital Economy - Economics Assignment Help

Assignment Task

Your task in this essay is to:

a) Explain Machine Learning (ML), various types of machine learning, and provide examples for each type. Define ML-based artificial intelligence and explain its key functions. How does ML-based artificial intelligence differ from traditional artificial intelligence?

b) Select a firm in an industry of your choosing (e.g., banking sector, insurance, healthcare, retail etc.). Explore, in detail, three channels through which ML algorithms or Al systems can automate critical tasks or processes within the firm/organisation to create value. Support your analysis by referring to specific firms or start-ups in the sector.

c) Reflect on how the management of Al-driven firms differs from the management of traditional firms. Will Al algorithms substitute or complement managers? How do leading (managing) Al-driven firms differ from leading traditional organisations? Will the rise of Al algorithms, for example, affect a firm's capital structure or financial decisions? Richly draw on relevant peer-reviewed academic literature on management and leadership.

d) Explain how Al-driven firms will compete in the future. What will it take for an Al- driven firm to outcompete its rivals? Could Al or ML algorithms be a source of lasting competitive advantage?

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