GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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research and development, rate of technology changes
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determined by the ability and likelihood of customers finding another way to either make or provide the services or products a company offers
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should occur every so often to ensure avoidance of future problems associated with risks and risk management; involves testing current systems and methods to minimize the likelihood of other issues arising
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a company may also take the opposite approach and invest in new resources if they feel their current ones are not substantial enough to handle the risks
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a company may decide to use what they currently have and try to modify and improve their existing methods and systems to handle the risks in a more efficient manner
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Detailed explanation-1: -The four elements of technological change – invention, innovation, imitation and learning – are defined, and a distinction drawn between codified and tacit knowledge. The ‘neighbourhood effect’ and ‘networks’ affect the spread of technology.
Detailed explanation-2: -It has three stages: Invention-the creation of a new product or process. Innovation-the application of the invention for the first time. Diffusion-how fast others begin to adopt the innovation.
Detailed explanation-3: -Is technology growing exponentially? Yes, technology is growing exponentially. Computers’ speed and power have generally been doubling every one and a half to two years since the 1960s and 70s. This is exponential growth, and while some experts doubt this rate is sustainable for much longer, it’s true for now.