Q1-1: Why Is Introduction to MIS the Most Important Class in the Business School? Flashcards
Why is Introduction to MIS the most important class in the business school?
Introduction to MIS is considered the most important class because of Moore’s Law, which states that the number of transistors per square inch on an integrated chip doubles approximately every 18 months.
This exponential increase in computing power drives down the cost of data processing, communications, and storage to nearly zero.
MIS plays a crucial role in teaching students how to utilize this growing technology effectively.
What is Moore’s Law?
Moore’s Law is a principle stated by Gordon Moore, co-founder of Intel Corporation, in 1965.
It describes the exponential growth of computing power, stating that the number of transistors on an integrated chip doubles every 18 months.
This increase leads to a decrease in the cost of computing power over time.
How does Moore’s Law impact the cost of technology?
Due to Moore’s Law, the cost of technology, particularly computing power, has drastically decreased.
For example, the price of a standard computing device has dropped from $4,000 in the early 1980s to a fraction of a penny today, making technology more accessible and ubiquitous in businesses.
How does Moore’s Law drive change in the business world?
Moore’s Law drives down the cost of computing, which in turn makes technology integral to every business operation.
Businesses require extensive computer use for product development, marketing, and sales.
As computing costs continue to decrease, new opportunities emerge, and businesses that can harness IT effectively have a significant advantage.
What is the significance of Moore’s Law for future business professionals?
Moore’s Law means that future business professionals must be equipped to handle rapid technological advancements.
This requires the ability to evaluate and apply emerging technologies to business operations to stay competitive.
Those with skills in MIS and information technology will have a greater chance of securing job opportunities and thriving in a tech-driven economy.
What are some technologies that resulted from the Information Age?
Some of the key technologies from the Information Age include:
Cloud computing
Internet of Things
Blockchain
Big Data
Virtual reality
Driverless cars
3D printers
Uber, TikTok, Instagram, and Spotify
These technologies, among others, have transformed industries and the economy by making information processing and distribution the main drivers of economic activity.
What are the two unique aspects of the Information Age?
The two unique aspects of the Information Age are:
The world is “flat,” meaning that new IT opportunities can emerge from anywhere globally and quickly find resources to grow.
The business world must adapt rapidly to technological changes, or else it risks being overtaken by competitors.
How does technology influence everyday life?
Technology has a profound impact on daily life.
For example, people now spend over 5 hours a day on their smartphones, social media, and laptops, engaging with work, education, entertainment, and social connections through IT-enabled devices and platforms.
What is a “marketable skill” in the Information Age?
A marketable skill is a combination of technical proficiency and the ability to adapt to and use technology effectively.
In the Information Age, non-routine cognitive skills like abstract reasoning, systems thinking, collaboration, and experimentation are increasingly valuable as routine tasks become automated.
What employability skills are essential in the 21st century?
The four key employability skills identified by Robert Reich, former Secretary of Labor, are:
Abstract reasoning
Systems thinking
Collaboration
Ability to experiment
These skills are necessary to navigate rapid technological changes and ensure continued relevance in the workforce.
What is abstract reasoning, and why is it important?
Abstract reasoning is the ability to make and manipulate models. It involves simplifying objects or processes into logical or conceptual models.
In MIS, students will work with various models to understand business processes and information systems.
What is systems thinking, and how is it applied?
Systems thinking is the ability to see the whole picture, not just individual components.
It involves understanding how parts of a system interconnect to produce outcomes.
For example, understanding why Uber is profitable requires examining how inputs like drivers and customers create successful outcomes for the business.
How does collaboration contribute to success in the business world?
Effective collaboration is not just about being agreeable.
It involves planning, discussing, and giving critical feedback.
Collaboration is about working with others to find and implement the best ideas, and this often involves managing conflicting viewpoints.
Why is the ability to experiment essential in modern business?
The ability to experiment involves trying new ideas without fear of failure.
Experimentation helps businesses innovate by testing new opportunities and products.
In a competitive global economy, experimentation increases the chances of breakthrough success.
Successful experimentation involves a reasoned analysis of potential solutions and learning from the outcomes.
How does MIS help students develop the ability to experiment?
MIS helps students develop experimentation skills by encouraging them to use unfamiliar software, tools, and systems to solve problems.
These exercises require students to learn by doing and adapt to new situations, reinforcing the importance of experimentation in real-world scenarios.
