Podcast
Questions and Answers
What was the percentage of the world's technologically stored information in digital format in 2007?
What was the percentage of the world's technologically stored information in digital format in 2007?
Which era began with the introduction of the IBM PC?
Which era began with the introduction of the IBM PC?
What does Moore's Law predict about transistors on computer chips?
What does Moore's Law predict about transistors on computer chips?
Which technology is not part of the Digital Revolution's core advancements?
Which technology is not part of the Digital Revolution's core advancements?
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What is the fastest growing form of computing currently?
What is the fastest growing form of computing currently?
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What was one of the significant changes in the client/server era?
What was one of the significant changes in the client/server era?
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Which of the following best describes the digital journey during the evolution of IT infrastructure?
Which of the following best describes the digital journey during the evolution of IT infrastructure?
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Which of the following was introduced in 1958?
Which of the following was introduced in 1958?
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What does Drucker suggest is the most pressing task for management in the 21st Century?
What does Drucker suggest is the most pressing task for management in the 21st Century?
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What is a key characteristic of knowledge in today's world according to the information provided?
What is a key characteristic of knowledge in today's world according to the information provided?
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In Schumpeter's concept of 'creative destruction', what does this process primarily affect?
In Schumpeter's concept of 'creative destruction', what does this process primarily affect?
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Which of the following best describes the repeated cycles evident in the example of technology evolution provided?
Which of the following best describes the repeated cycles evident in the example of technology evolution provided?
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What does the phrase 'gale of creative destruction' imply about companies that fail to adapt?
What does the phrase 'gale of creative destruction' imply about companies that fail to adapt?
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What does Drucker mean by lifelong learning?
What does Drucker mean by lifelong learning?
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What is a key implication of a frictionless economy, as mentioned?
What is a key implication of a frictionless economy, as mentioned?
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According to the content, what role does knowledge play in the modern economy?
According to the content, what role does knowledge play in the modern economy?
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Which prediction about technology was made by Thomas Watson, the founder of IBM?
Which prediction about technology was made by Thomas Watson, the founder of IBM?
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What effect does Metcalfe's Law have on network value?
What effect does Metcalfe's Law have on network value?
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What is an example of a job that has emerged in the last decade?
What is an example of a job that has emerged in the last decade?
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What significant change is indicated regarding the number of SIM cards in comparison to the human population?
What significant change is indicated regarding the number of SIM cards in comparison to the human population?
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Which factor is indicated as an economic driver of growth in recent years?
Which factor is indicated as an economic driver of growth in recent years?
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Which of the following is NOT a characteristic of digital products?
Which of the following is NOT a characteristic of digital products?
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Which of the following statements reflects a common misconception about the automobile in the early 20th century?
Which of the following statements reflects a common misconception about the automobile in the early 20th century?
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How does the fall in communication costs impact utilization?
How does the fall in communication costs impact utilization?
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What was one of the concerns raised about the Internet's impact on cognition?
What was one of the concerns raised about the Internet's impact on cognition?
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Which of the following jobs does NOT belong to the list of in-demand jobs that have emerged in the last decade?
Which of the following jobs does NOT belong to the list of in-demand jobs that have emerged in the last decade?
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What is one effect of smaller, cheaper processors in the context of Metcalfe's Law?
What is one effect of smaller, cheaper processors in the context of Metcalfe's Law?
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How does information and communication technology (ICT) contribute to socioeconomic progress?
How does information and communication technology (ICT) contribute to socioeconomic progress?
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Which of these was an incorrect prediction concerning the future of technology?
Which of these was an incorrect prediction concerning the future of technology?
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What does the trend of creating new technologies and jobs suggest about the future job market?
What does the trend of creating new technologies and jobs suggest about the future job market?
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What is a primary benefit of digitisation in a sluggish economy?
What is a primary benefit of digitisation in a sluggish economy?
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Which of the following accurately reflects the concept of a public good in the context of digital products?
Which of the following accurately reflects the concept of a public good in the context of digital products?
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Study Notes
Digital Revolution
- The Digital Revolution marked the beginning of the Information Age
- The Digital Revolution was the change from mechanical and analogue electronic technology to digital electronics
- In 2007, 94% of the world's information was stored digitally
- In 2014, that number rose to 99%
Evolution of IT infrastructure
- The general-purpose mainframe and minicomputer era began in 1959
- The personal computer era began in 1981
- The client/server era began in 1983
- The enterprise computing era began in 1992
- The cloud and mobile computing era began in 2000
Accelerating Pace of Change
- The general process of becoming affordable and accessible is: Mainframe, Minicomputers, Desktops, Laptops, Smartphones
- This is demonstrated by the decrease in processing power and speed and storage capabilities as the cost of computing devices has decreased
Moore's Law
- Moore's Law states that the number of transistors that fit on a computer chip will double every one and a half to two years
- Moore's Law captures advances in processing speed, storage capabilities, cost, and other component features
Metcalfe's Law and network economies
- Metcalfe's Law states that the value or power of a network grows exponentially as a function of the number of network members
- The estimated number of people with internet access worldwide is 5.45 billion
Effects of Metcalfe's Law
- Smaller and cheaper processors
- Growth of software
- Bigger and more valuable networks
- More users and cheaper connectivity
- More applications and growth of the IT industry
Digital Innovation-Economic Driver
- Digitization - the mass adoption of connected digital services by consumers, enterprises, and governments - is a key economic driver
- Digitization is accelerating growth and facilitating job creation
Atoms to Bits: Digitization
Characteristics of Digital Products
- Immateriality – essentially 1s and 0s
- Expensive to produce and close to zero cost to replicate
- Borderless
- Indestructibility
- Public Good (use by one individual does not reduce availability to others)
The Information Society
- Information and communication technology (ICT) is a key enabler of socioeconomic progress and development
- ICT is revolutionising production processes, access to markets, and information sources
- ICT is revolutionising social interactions
Drucker
- The most important contribution management needs to make in the 21st Century is to increase the productivity of knowledge work and the knowledge worker
Consider…
- Imagine an economy without friction - a new world in which labour, information, and money move easily, cheaply, and almost instantly
Creative Destruction
- The "gale of creative destruction" is the process of industrial mutation that incessantly revolutionizes the economic structure from within
- Companies which made money out of technology which becomes obsolete do not necessarily adapt well to the business environment created by the new technologies
Disruptive Technology: Famous Incorrect Predictions
- "What could be more absurd than the prospect of locomotives travelling twice as fast as stagecoaches” - The Quarterly Review, 1825
- “The horse is here to stay but the automobile is only a novelty – a fad” - Advice to Henry Ford’s lawyer in 1922
- “Well informed people know that it impossible to transmit the voice over wires and were it to be possible it would be of no practical value”.- Editorial in the Boston Post, 1865
- “I think there is a market for about five computers” - Thomas Watson, Founder of IBM 1943
- “There is no reason why anyone would want a computer in their home” - Ken Olsen, President & Founder of Digital Equipment Corp. 1977
- “Everything that can be invented has been invented”.- Charles H.Duell, Commissioner US Office of Patents 1899
Computerization of Jobs
- An algorithm has been appointed as a director on the board of Deep Venture Knowledge
- The language barrier will no longer exist because of instant translation
Fastest Growing vs. Fastest Declining Jobs
- The fastest-growing jobs are in healthcare, IT, and STEM
- The fastest-declining jobs are in manufacturing, agriculture, and retail
Will a robot take your job?
- There are many jobs that can be automated, such as those that involve repetitive tasks
- There are also many jobs that require human skills, such as creativity, critical thinking, complex problem-solving, empathy, social intelligence, and emotional intelligence
‘New’ Jobs
- Driverless car engineer
- Social Media Influencer
- Blockchain analyst
- Cloud Service Specialist
- Podcast producer
- Telemedicine physician
- Cloud architect
- Uber driver
- Drone operator
- Chief Listening Officer
- Big data scientist
- AI engineer
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Description
This quiz explores the Digital Revolution and the evolution of IT infrastructure from mainframes to cloud computing. It covers key milestones and technological advancements that have shaped the modern information age. Test your knowledge on the impact of Moore's Law and the accelerating pace of change in technology.