Homework Help: Questions and Answers: A large fashion retail chain wants to forecast consumer demand for products to optimize inventory and manage supply chains efficiently. Which specific type of Al can meet the retailer’s needs?
a) reactive AI
b) predictive Al
c) narrow Al
d) generative Al
e) I don’t know this yet
Answer:
First, let’s understand what the retailer needs: He wants to forecast consumer demand to optimize inventory and manage supply chains efficiently.
To determine which type of AI can help a large fashion retail chain forecast consumer demand for products, let’s analyze each given options.
Given Options: Step by Step Answering
a) Reactive AI:
- This type of AI reacts to current inputs without considering past data or predicting future outcomes. Reactive AI is not suitable for forecasting consumer demand because it lacks the ability to predict future trends based on past data.
- Example: Chess-playing AI that reacts to moves but doesn’t learn from past games.
b) Predictive AI:
- Predictive AI is specifically designed for forecasting purposes. It can analyze past sales data, consumer behavior, and market trends to predict future demand for products, making it the most suitable option for the retailer’s needs.
- Example: Sales forecasting, weather prediction.
c) Narrow AI
- Narrow AI, also known as weak AI, is designed to perform a specific task within a limited domain. It excels in its designated function but cannot generalize beyond it.
- Example: Voice assistants like Siri, recommendation engines.
d) Generative AI
- This type of AI can create new content (like images or text) but isn’t specifically designed for forecasting. Generative AI is more focused on creating new content rather than making predictions based on historical data.
- Example: GPT-4, claude.ai
e) I don’t know this yet
- We’ll consider this if none of the other options seem correct.
Final Answer
Based on the above analysis, the correct answer (option) that AI that best meets the retailer’s needs is
b) Predictive AI
A large fashion retail chain wants to forecast consumer demand for products to optimize inventory and manage supply chains efficiently. Predictive AI is the ideal solution for this challenge, as it can analyze historical sales data, seasonal trends, and market factors to accurately predict future consumer behavior.
This enables the retailer to stock the right products in the right quantities, reduce waste, and ensure customer satisfaction by having in-demand items available. Predictive AI’s ability to process vast amounts of data and identify complex patterns makes it an invaluable tool for fashion retailers looking to stay competitive in a fast-paced, trend-driven industry.
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