Machine Learning Concepts

• This covers an introduction to the course
• It is a 2 credit course with 4 units

Evaluation Pattern:

• The evaluation pattern includes formative (FA) and summative assessments (SA)
• FA is divided into FA1 and FA2
• FA1 is worth 10 marks and is based on units 1 and 2
• FA2 is worth 10 marks and is majorly based on units 3 and 4
• Both FA1 and FA2 use application concepts from units 1 and 2
• SA is worth 30 marks and includes application-based questions

Teaching and Learning Methodology:

• Involves experiential learning through Google Classroom
• Case study analysis
• Practical assignments with PPT
• Flipped classroom

Resource Material:

• Question Bank based on each unit will be provided at the end of the topic, covering easy to difficult questions
• Model answers will be provided, along with detailed notes and referral audio-visual material

Introduction to Design Thinking (Unit 1):

• Focus points are:
  • Meaning and concept of design thinking
  • Design thinking for competitive advantage
  • An entrepreneur's mindset, the need for design thinking, creativity, and innovation
  • Concept of opportunity assessment
  • How to identify opportunities
  • Which opportunity to invest in
  • Three-dimensional approach of opportunity assessment
  • "Go/No-Go" recommendations to invest and initiate

Concept and Meaning of Design Thinking:

• Design thinking is a critical tool used by organizations to handle innovation management
• The design thinking approach identifies the problem and identifies a long-term, functional, technically sound, scope-oriented, sustainable solution for an extended period
• It considers economic factors, vision, and mission of the organization
• The design thinking process standardizes itself into 5 steps

Empathize:

• Design Thinking is a complete, human-centered approach
• In commerce and business, it is called consumer-oriented approach
• Organizations put themselves in the consumer's shoes to better understand needs, wants, and demands
• Any invention without utility is worthless
• Upgrading inventions to meet specific requirements, based on empathy, becomes innovation

Personal Care Product Example:

• Soaps are commonly used, even to wash the face
• Home remedies serve as supplementary options for face masks or face packs

Empathy Map (Step 1):

• Considers face/skin stereotype, age groups, skin issues, composition, and brand building

Micro-Assessment of Innovative Ideas:

• Focuses on brand image building as part of innovation in opportunity assessment

Reverse Brainstorming:

• Examples include soaps and home remedies
• Considers aspects like rough texture, unhygienic nature, harmful ingredients, being time-consuming, and inconvenient

Entrepreneurial Mindset:

• Innovation is key to success and growth simultaneously in business
• "Design Thinking" is a common concept discussed when cooperating for competitive advantage
• Design thinking helps in entrepreneurship, in innovation, navigating stages to work flow, standardizing innovation management, creative solutions for business challenges, dimensions and measurements

Concept of Innovation (Based on Unit 3):

• Innovation is defined as a product, physical good, process, service, strategies, or a business model with new and useful features
• It must provide utility and unique value
• Design thinking can inspire meaningfully with impact as an alternative

Design Thinking Phases:

• Design thinking is a human-centered approach for innovation and success

Phases of Design Thinking:

• To generalize a process of seeing the front-tech approach to business
• This can be explained various ways:

Frame a Question:

• Identify a driving question to inspire creative solutions
• Gather inspiration

Inspiration

• Inspire new thinking by discovering needs and desires and how they can be fulfilled

Generate Ideas:

• Push past solutions to find better, tangible ideas
• Convert thoughts into actions through execution

Test to Learn:

• Refine ideas with feedback through experimentation
• Craft a compelling story to inspire others to do better

Performance Indicators and Design Thinking:

• Design thinking should focus entirely on consumer needs
• Key performance indicators are crucial for improving business

Design Thinking as a Concept of Competitive Advantage:

• Design Thinking is about creating service or business strategies to handle organizational problems

Achieving Competitive Advantage:

• Understanding the competitive advantage means giving a base to understanding and introducing a change when taking ease from rivals on issues

Major Outcomes:

• One major outcome can be the direct impact on consumer experience and secondary, succeeding competitive advantage
• One must consider customer service, goods, custumes vs. customes

Competitive Advantage:

• It enables a company to be superior to the customer compared to other choices

Competitive Advantage Through CA:

• This works by changing 3 mindsets of the company in the following criteria:
  • Desirability:
    • This asks what makes sense to the people
  • Feasibility:
    • What is technically and conceptually possible in the near future?
  • Viability:
    • What is likely to become a more sustainable business solution for a complex problem?
    • Communicate true value to the business world
  • Identify your target market, by really understanding your customer
  • Know your competition well

Entrepreneurial Mindset Needs:

• The entrepreneurial spirit needs design thinking and innovation
• It speaks of simple characters or features entrepreneurs need to have before thinking of entering into the dynamic business environment
• Below is what focuses on creativity and improved products or services
• Vision
• Innovation
• Risk
• Management

Visionary Needs:

• Entrepreneurs need to very clear about business goals, with definite objectives
• Visions should be supported by innovation to stand out

Market Assessment for Adding Value Outside Business:

• One should along with uncertainty factor risk as results

Mgt or organisation:

• This character of entrepreneurship helps handle innovation as a value - added business output

Opportunity Assessment & Opportunity Window:

• Dynamic business means physical goods, service through strategies and practices to add value to the business, the window can be a critical tool needs assessment

Design Thinking Opportunity Assessment:

• Look for the viable following principles/ criteria/or methodes

Analysing User:

• Based on closed / open questions, identify unmet needs or points
• Fill in market and where innovative has enhance
• Identify what needs unqieness
• Customer survey, systems
• Market, identifying through benaviours or enhanced tech for product

Competitive Analysis:

• By thoroughly understaind, evaluate concepts and proper study to find feasibility

Dimensional (3D) for Business:

• fit consider as besit guiding faction for enhancement, includes what factor criteria
• Product market fit
• product company fir -Product buisness fir
• By considertions for recmarize aligns

Product Market Fit:

• Whether by addressing the product, and what market compilation customer need

Product Company Fit:

• How the line product and expertise

Product Business Fit:

• What compaines financial strategy for potential

"Go or No Go" Recommendation:

• Asses oppotunties and following
  • Market size
  • Landscape -Feedback
  • Capability and necessary skills