KSB-113 Midterm

Business models embracing technology

-Many companies are embracing technology including AI

-technology has changed advertising and communication

-Technology has helped crush production costs, cut down on decision making

- AI is also a negative it is bias and known to give wrong or unreliable answers.  

The Hype cycle

1. Starts as emerging innovation

2. Peak is inflated expectations

3. Trough of disillusionment

4. Slope of enlightenment

5. Plateau of productivity

Dangers of relying on technology

Technology can fail too

-hackers can steal information

- databases can collapse

-technology simply leads to low attention spans

-Privacy risks.  

Competitive advantage

anything that allows a business to outperform its competitors, this could be cost, ability, or efficiency based.  

Move first or fast follow

the concept of breaking the market with a product and being the first to produce it or being a fast follower and copying the same software and possibly making better changes and producing this product.

Operational effectiveness

the idea of maximizing your potential using your resources to improve quality, productivity, and a competitive advantage 

Value chain

various processes and series of events that go into creating a product.

Imitation resistance

when it is difficult to copy a product from imitation of its behaviors, this could be legal as well as difficult programming or unknown product materials.  

Porters 5 forces

the threat of new entrants to the industry, supplier bargaining power, customer bargaining power, and the ability of customers to find substitutes for the sector's products. 

Moore’s law

technology is getting more efficient and faster over time. Chip performance per dollar doubles every eighteen months. 

hardware

Physical components of a computer system that you can see

Offloading

transfer of a task to a higher more capable device such as cloud etc.

computing

using computing technology to accomplish goals and tasks. 

E waste

 any unwanted electronic device or cathode ray tube (CRT) that is nearing the end of its useful life. E-waste can include computers, mobile phones, tablets, televisions, VCRs, copiers, fax machines, stereos, and electronic games. 

Web address

Often used interchangeably with “Web address,” URLs identify resources on the Internet along with the application protocol needed to retrieve it. Includes a host name, domain name, top level domain, path and file.

Surface deep vs dark

The surface web is everything that is easily accesible to anyone using a basic search engine. Dark is the part of the internet that's not indexed by search engines, but can be accessed using a direct URL or IP address

Hardware/software layer cake

User/application/operating system/ hardware

firmware

the software that controls the hardware. It is the instructions on how to operate.  

Erp vs dbms this is a short essay question ERP

Database Management Systems (DBMS) and Enterprise Resource Planning (ERP) are both software systems that help organizations manage data, but they have different purposes and functions DBMS is used to store and retrieve data whereas Erp is used to streamline business processes. Weaknesses of DBMS could have a database breach or fail to hold all information needed. ERP could reduce competitive advantage if everyone uses the same streamline processes.  

Waterfall vs agile

 Agile is flexible and iterative, emphasizing continuous feedback and adaptation. Waterfall is sequential and rigid, with distinct phases completed in order. 

marginal cost

cost of an additional unit 

Open-source software good or bad? Possible essay question

Pros are it is cost effective you can usually get it for free. There is lots of flexibility with it and there is lots of community collaboration.  

LAMP

Linux, Apache, MySQl, PHP 

SAAS

Software as a service

PAAS

Platform as a service

IAAS

Infrastructure as a service

AI

Machine learning

Ethics in AI (essay question)

There is many ethical concerns about AI, the main one in our world today is the concern on bias. AI has proven to be racist in many situations and make assumptions or stereotype against minorities.

Generative AI

the Ai that can now produce art such as music, paintings, and pictures.  

Supervised vs Unsupervised AI

Supervised AI is when AI is giving labels and code to run and respond to prompts. Unsupervised AI is using no labels and completely untrained just following patterns.  

Disrupting the incumbent, faster cheaper, smaller lighter

when a new company, or startup, is able to unseat a dominant player in a market by offering something new and better to customers 

Why do firms fail?

Firms fail due to inadequate leadership, poor plans, lack of innovation, negative cashflow.

Mcnamara fallacy

Making decisions based on quantitative data from the past.

Crypto vs blockchain

crypto is an e currency with no tangible objects. The value is everchanging. Blockchain is a chain of purchases quite literally like a chain.

Network effects

Also known as Metcalfe’s Law or network externalities. When the value of a product or service increases as its number of users expands 

Platforms

Products and services that allow for the development and integration of software products and other complementary goods, effectively creating an ecosystem of value-added offerings. Windows, iOS, the Kindle, and the standards that allow users to create Facebook apps are all platforms. 

One sided vs two sided

Single class of users in a one sided that drive the market, two sided requires two users to drive the market. Network cannot work without two different participants