How do businesses choose their models?

General Forum
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I recently finished an ML assignment in which I repeatedly tested various models to determine which one would work best for my data.
To select the best model, I looked at metrics like MSE, MAE, R^2, etc. And I went with the option that, according to these measures, produced the best outcome.

Is this also the way businesses operate? or are there other elements that must be taken into account?

I assume that persuading stakeholders to adopt this model, the technology needed to train and retrain the model, and the volume of data required to provide decent results for a specific model will be some of the issues, but are there any others? I just want to know how businesses go about this process.

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I think the most crucial factor is if it aligns with the CEO’s preconceived notions. I absolutely have to get that part right.

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Businesses choose their models by analyzing market demand, competition, and target audience. They consider operational costs, scalability, and revenue potential. Decision-makers conduct market research, assess risks, and align the model with the company’s strengths and strategic goals. Flexibility to adapt and innovate based on market feedback is also crucial in selecting a sustainable business model.