Wk 1 Lec 1: Digital Revolution and IT Evolution

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Questions and Answers

What was the percentage of the world's technologically stored information in digital format in 2007?

94% (correct)

50%

99%

Which era began with the introduction of the IBM PC?

Cloud computing era

Client/server era

Personal computer era (correct)

Mainframe era

What does Moore's Law predict about transistors on computer chips?

They will decrease in size every year.

They will become more expensive every two years.

They will remain constant over time.

Their number will double every 1.5 to 2 years. (correct)

Which technology is not part of the Digital Revolution's core advancements?

Mechanical watches Signup and view all the answers

What is the fastest growing form of computing currently?

Cloud and mobile computing Signup and view all the answers

What was one of the significant changes in the client/server era?

Split processing work between clients and servers. Signup and view all the answers

Which of the following best describes the digital journey during the evolution of IT infrastructure?

Becoming affordable and accessible over time. Signup and view all the answers

Which of the following was introduced in 1958?

Mainframes Signup and view all the answers

What does Drucker suggest is the most pressing task for management in the 21st Century?

Increasing knowledge work productivity Signup and view all the answers

What is a key characteristic of knowledge in today's world according to the information provided?

Knowledge has the power to control access to opportunities. Signup and view all the answers

In Schumpeter's concept of 'creative destruction', what does this process primarily affect?

Economic structures and technologies Signup and view all the answers

Which of the following best describes the repeated cycles evident in the example of technology evolution provided?

Continuous industrial mutation and renewal Signup and view all the answers

What does the phrase 'gale of creative destruction' imply about companies that fail to adapt?

They may face obsolescence in a changing market. Signup and view all the answers

What does Drucker mean by lifelong learning?

A continuous process of updating knowledge and skills. Signup and view all the answers

What is a key implication of a frictionless economy, as mentioned?

Greater ease in the movement of resources. Signup and view all the answers

According to the content, what role does knowledge play in the modern economy?

It drives access to career advancement and opportunities. Signup and view all the answers

Which prediction about technology was made by Thomas Watson, the founder of IBM?

There is a market for about five computers. Signup and view all the answers

What effect does Metcalfe's Law have on network value?

It grows exponentially with the increase in network members. Signup and view all the answers

What is an example of a job that has emerged in the last decade?

Telemedicine physician Signup and view all the answers

What significant change is indicated regarding the number of SIM cards in comparison to the human population?

There are more SIM cards than people on Earth. Signup and view all the answers

Which factor is indicated as an economic driver of growth in recent years?

Mass adoption of connected digital services. Signup and view all the answers

Which of the following is NOT a characteristic of digital products?

Physical presence in distribution. Signup and view all the answers

Which of the following statements reflects a common misconception about the automobile in the early 20th century?

Automobiles are just a passing trend. Signup and view all the answers

How does the fall in communication costs impact utilization?

It increases utilization of communication and computing facilities. Signup and view all the answers

What was one of the concerns raised about the Internet's impact on cognition?

It may lead to a decline in memory retention. Signup and view all the answers

Which of the following jobs does NOT belong to the list of in-demand jobs that have emerged in the last decade?

Corporate executive Signup and view all the answers

What is one effect of smaller, cheaper processors in the context of Metcalfe's Law?

Increased user base and connectivity. Signup and view all the answers

How does information and communication technology (ICT) contribute to socioeconomic progress?

By enhancing productivity and reducing poverty. Signup and view all the answers

Which of these was an incorrect prediction concerning the future of technology?

Computers would remain a novelty in homes. Signup and view all the answers

What does the trend of creating new technologies and jobs suggest about the future job market?

The job market will continually evolve with technological advancements. Signup and view all the answers

What is a primary benefit of digitisation in a sluggish economy?

Spurring economic growth and employment. Signup and view all the answers

Which of the following accurately reflects the concept of a public good in the context of digital products?

Accessibility does not diminish availability to others. Signup and view all the answers

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.