BU111 Lecture Notes - Lecture 5: Risk Aversion, Internal Combustion Engine, Complementary Good
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BU111 Full Course Notes
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Document Summary
Information technologies affect information access and inter-firm cycle times. Innovation cycles new products are constantly being presented to the market so this cycle acts like opportunities entering the market. Demands constant learning and scanning creating significant change and challenge. Business implication: affects what we produce, what it can do, and how we sell. Advancements in equipment and its uses: often substitutes for human efforts, includes human knowledge, work methods, equipment, and business processing systems. Includes information technology: the various devices for creating, storing, exchanging, and using information, consumers use it daily, companies use it to gather, share information, and execute activities. Human ingenuity: formal and informal research and development, basic r&d is a knowledge without focus, applied r&d is a specific problem in mind, technology transfer is out of the lab and into the world. Management and organizational processes: instant access to information, better service through coordination, leaner organization, improved operations efficiency, greater independence of company and workplace.
