The Academy Awards were yesterday evening. As an update to the original posting, I would like to share this article from the Wall Street Journal on quantitatively predicting Oscar winners:
Bialik, Carl. "And the Oscar-Pool Winners Are... the Stats Dudes." February 23, 2013, http://online.wsj.com/article/SB10001424127887324503204578318682787064790.html
The thread tying together this week’s readings was the concept of designing a product and a supply chain modeled after the known or predicted demand of the consumer. Gordon Murray made a small, smart, green car designed for city-living. Ingvar Kamprad designed a store that allowed shoppers to plan and furnish their homes inexpensively, but with quality products. Tata Motors created a car that costs only $2,500 – the least expensive in the world. These companies and innovators have come up with a way to bring consumers exactly what they want, whether it is by filling a void and supplying inexpensive cars to rural locations or by designing an aesthetically pleasing (albeit, at times, convoluted) floor plan where customers feel like they are already at home.
- How could the movie industry even further capitalize on profits by predicting demand patterns and customer preferences?
- The advent of video-on-demand, digital distribution, and other outlets such as Netflix and Redbox has fundamentally changed the landscape of the movie industry. How do you think these changes – combined with the use of more sophisticated data to track demand preferences – will dictate the release, re-release, and duration of certain films in theatres?
- What movie do you predict will win Best Picture at the Academy Awards?