Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution
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• This short-answer essay-quiz tests your general understanding of the issues reported in Economic Environments of the West: Problems, Puzzles, and the 4th Industrial Revolution as they bear upon managing operations in the global business environment.
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Question 1
The so-called Fourth Industrial Revolution is characterized by a range of new technologies: Ubiquitous, mobile supercomputing. Intelligent robots. Self-driving cars. Neuro-technological brain enhancements. Genetic editing. Collectively,these technologies are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be human.
Expectedly, these technologies will influence outcomes differently in different places. In your estimation, please explain who you think will likely benefit more from the Fourth Industrial Revolution: the established economies of the West, such as United States, Japan, and Germany, or emerging economies of Asia, Africa and South America.
Question 2
Artificial intelligence, if headlines are anything to go by, promises to herald either a wonderful new age of possibility or harkens the beginning of the machine world —and once set in motion, one eventuality will happen, either with or without us
Some see a day where “robots,” powered by artificial intelligence, move from the factory floor into the C-suite—essentially, One can see a scenario where a robot, turbocharged with the latest greatest artificial intelligence algorithms replaces the CFO. Indeed, a Hong Kong venture capital fund recently appointed (Links to an external site.)Links to an external site. a computer algorithm to its board of directors, claiming to be the first company of its kind to give a machine an “equal vote” when it comes to investment decisions. The firm, Deep Knowledge Ventures (DKV), which invests in companies researching treatments for age-related diseases and regenerative medicine, uses the algorithm to analyze financing trends to make investment recommendations in the life sciences sector.
Based on any to all materials covered in this class, and if you like, even information from outside the zone of this class, identify two reasons that Support the argument that inevitably, robots, powered by increasingly effective artificial intelligence, will occupy executive slots in companies.
Question 3
As you have seen throughout your business studies, perspectives, metrics, and indicators play an important part in interpreting, organizing, evaluating, and regulating operations. This follows from the fact that these outlooks and tools generate the numbers that are being measured on a daily, monthly, quarterly, or annual basis. And, as you have studies elsewhere in this program, ultimately, what gets measured gets managed.
Currently, in the context of the fading Third Industrial Revolution, managers, officials, and analysts study the economic environments with philosophical perspectives of economic freedom, monetary metrics like gross domestic product, indicators of stability and sustainability, and personal metrics such as unemployment.
How might managers need to change any or all of these principles and analytics to assess the changes and challenges posed by the Fourth Industrial Revolution?