BP 10 Global Trends - Question and Answer Flashcards

This set of flashcards covers key concepts and questions related to the global trends impacting business as discussed in the lecture.

What is the purpose of trend analysis in business?

To examine trends to identify their nature, causes, speed of development, and potential impacts.

What is trend monitoring?

It involves observing important trends within a specific sector or community and reporting them to decision makers.

What is trend projection used for?

To plot numerical data over time in order to display past changes and predict future developments.

How is computer simulation used in forecasting business trends?

By modeling complex systems like the economy with equations and testing various scenarios to perform 'what-if' analysis.

What is historical analysis used for in business forecasting?

To study past events in order to anticipate the outcomes of current developments.

Why are global trends such as an aging population significant for business?

They drive demand for products and services for seniors, healthcare innovations, and policy changes such as immigration reform.

How are knowledge-based economies reshaping the workforce?

By increasing the need for educated workers, reducing mid-level management roles, and emphasizing technical expertise.

What challenges are introduced by a globally integrated economy?

Increased demand for multilingual workers, culturally tailored incentives, and more competition through eBusiness.

How does the rise of automation and new technologies impact business?

It decreases costs, compresses product life cycles, increases the need for tech talent, and accelerates innovation.

What is the impact of time becoming a more valuable commodity?

Businesses must move faster, manage shorter product lifecycles, and cater to time-strapped consumers.

What is the digital mesh?

A network of interconnected devices and digital experiences surrounding individuals, enabling continuous interactions.

How is 3D printing impacting future business?

By enabling customized, low-cost production including advancements in biological 3D printing like skin and organs.

What is the Internet of Everything (IoE)?

A broader concept than IoT that includes machine-to-machine data, people, and business processes.

What role does machine learning play in business?

It allows computers to learn from data and improve over time, forming the backbone of intelligent systems.

What is real-time adaptive security?

A dynamic approach to network security that responds to constantly evolving threats and distributed digital environments.

What is autonomic computing?

A self-managing computing model inspired by the human nervous system, critical to widespread computing integration.

What is the primary goal of trend analysis?

To identify a trend’s nature, causes, speed of development, and potential impacts.

Why is computer simulation used in forecasting trends?

It allows 'what if' analysis through mathematical modeling of complex systems.

What kind of experience synchronizes digital interactions across environments in real-time?

Ambient digital experience.

Why will demand for foreign-language training and cultural sensitivity increase?

Due to rising global personnel needs and expansion into international markets.

What is driving the shrinking product life cycle and the need for rapid innovation?

Advancing technology and competitive markets.

How are companies expected to support employee work-life balance?

By offering flexible work arrangements and supporting wellness.