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Q1. What are the usual sources of economic progress in a country?

Explaining enhanced capital
Explaining technical progress
Describing labour
According to the economists, Boskin and Lau (1992), there are three main sources
of economic progress in a country. These are as follows:
Enhanced capital: Capital refers to the produced goods and services that help in
the production of other goods and services. Therefore, it includes buildings,
machineries, etc.
Technical progress: It refers to the technological innovations that increase
efficiency and productivity. For example, previously in banks most recordkeeping
activities were conducted manually in paper. However, after computerisation,
banking transactions have been greatly simplified. Technical innovation at the
macro-level provides a competitive advantage to a country over others. This
competitive advantage helps in creating wealth and employment. For example,
because of technical capability, Japan has a
competitive advantage in manufacturing over countries such as India.
Labour: It refers to the human efforts put into the production of goods and
services. Skill is the most important determinant of the usefulness of labourers in
creating employment and wealth. Labourers need to possess the required skills,
such as technical skills and communication skills, to
excel in their jobs. These capitals are the result of technological progress.
Technology helps in
the expansion of economy and job creation, because new technology initiates a new
cycle of production, which requires a skilled labour force. For example,
communication technology spurred the growth of the production of various
communication devices, for example, mobile phones, networking devices, tablet
computers, etc. Boom in the software industry in India has created a demand for
millions of skilled workers in the software industry. According to a National
Association of Software and Services Companies (NASSCOM) (Nasscom.in (2012).
Indian IT-BPO Industry |) report, the Indian software industry was expected to add
2,30000 jobs in the Financial Year 2012-13.

Q2. a. State the relationship between management paradigms and

b. What are the changing trends in a technology industry?
a. Technology greatly influences the management paradigms prevalent in a
particular period. For instance, the invention of the steam engine during the
industrial revolution brought revolutionary changes in the textile industry.
The invention turned a cottage industry into a factory organisation of mass
production. Another major shift in management paradigm occurred in the
middle of the nineteenth century, when the concept of interchangeable parts
was introduced in the production of goods. Next, after the Second World War,
a major paradigm shift occurred in the focus on quality of production.
Japanese organisations, such as Toyota, were the pioneers of various quality
management techniques, Quality Circles, and continuous quality
improvement. These quality management
techniques were facilitated by automation and other technological
innovations. The next major management paradigm shift occurred with
massive applications of computing and communication technology in the
public and private domain. Computerisation brought revolutionary changes in
the productivity and efficiency of diverse sectors such as banking,
transportation, and education. In addition, internal functions of organisations,
such as operations, accounting, and controlling, could be executed more
efficiently with the help of innovative technologies.
In the late 20th century, technological innovation became a major focus on
nations as well as corporates. Innovation helps in economic growth and
efficient utilisation of resources. In addition, innovation keeps organisations to
remain competitive. Emphasis on technological innovation has increased the
pace of technological change and commercialisation of technology.
b. The following table shows the changing trends in the industry:

Q3. The process of Strategic planning covers multiple factors. Explain all
of those factors.
Stating the vision
Stating the mission
Stating the values
listing objectives
stating strategies
listing goals
listing programs
a. Vision: This refers to the long-term goal of an organisation. It presents the
impending situation and defines the image of the organisation in that situation. The
basic purposes of vision are to guide, control and inspire the organisation in such a
way that it helps in attaining the desired goal. The vision answers the question of
what do we want our organisation to be? For instance, the vision of KPMG is be a
leader of all the markets we participate. Vision of Ford is become the main
company of the world in products and services of the car. Technological capabilities
play a crucial role in achieving the visions of
the company.
b. Mission: This refers to a statement that describes; how an organisation is going
to attend to the needs of the society, by providing high value services and products
to their clients. It also describes how it is
planning to give an increasing level of profitability to its shareholders and
developing the professional competence to their employees. For example the
mission of KPMG states, transform the knowledge into
value to benefit the clients and the capital markets. The mission statement of Ford
says, We are a global, diverse, family with a proud inheritance, providing
exceptional products and services.

c. Values: This refers to define the organisations belief and rules by a framework
of references that inspire and control the management of the organisation. For
example the values of KPMG state the following points:
We are leaders of our examples
Team work
Respect to people
Analyse facts
Honest and open communication
We involve with the community
What is more: we act with integrity
d. Objectives: This refers to the key elements that state the business objective in
terms of results. The organisation wants to achieve in the medium or long term. The
objectives cover topics such as profitability, growth, technology, offerings, and
market. The objectives should show the core motives of running the business and
discuss how the organisation is going to fulfill the expectations and requirements of
the employees and the investors.
e. Strategies: This refers to the rules and guidelines; an organisation follows to
achieve its mission and objectives. Strategies are built on strengths by resolving the
weaknesses, exploiting the opportunities and
evading the threats. Strategies include planning on various matters such as
acquisition, growth, diversification, and other functional areas.
f. Goals: This refers to achieving the organisation objectives by implementing
strategies through time-based measurement techniques. For example, to achieve a
specific percentage of growth in sales in four
years. The goals may cover the factors such as products, finances, profitability,
utilisation, efficiency and the market size. Goals should be measurable, reliable,
time-bound, specific and attainable.
g. Programs: This refers to the set of key strategies, which are scheduled out as
final elements for the implementation of the plan. These cover resources, purposes,
time-scale, targets, funds and goals.
Q4. a. Meaning of Technology Development.
b. Explaining the four phases of technology.
a. An organisation or a country can acquire technology from numerous sources
and through various methods. However, these methods depend on a number
of factors such as the urgency of the organisation in acquiring the
technology, the available resources and skills of the organisation, and the
required expenses. For instance, if an organisation possesses the required
resources and skilled workforce to develop a technology, and if the need of
the technology is not very urgent, it can develop the technology in-house
with the help of internal R&D. On the other hand, if the need of a technology
is very urgent, and the organisation does not have the necessary technical
skills to develop the technology, it can buy it from other organisations.

b. The Intro Stage

Youre still building it, and a Beta version is ready to be tested by early adopters.
This is also known as the bleeding edge, its when revenues are low and youre
pouring money into its development most likely out of your own pocket.
The Growth Stage
This is where youve moved from beta to launching the product. And where your
initial has been recovered. Here youll want to take advantage of the newness of
the technology and start creating some hype. Ideally you want to get covered by
all the major blogs to grow your user base and expand your distribution to more
The Maturity Stage
Good news! This is a stage your technology is being accepted by the public. The
bad news? The market has reached a saturation point where competitors have
caught up. And revenue slows down as your technology becomes a commodity.
The Inevitable Decline Stage
This is what everybody dreads. The inevitable decline. Or more appropriately the
death stage. This is a stage where youll see a decrease in sales or the
emergence of a replacement technology. Here youll reach a point of no return,
where further development is not profitable. For example Nokias mobile
operating system Symbian was the cream of the crop for many years, that is
until Google and Apple entered the market with Android and iOS respectively.
Q5. a. Explain the emerging trends in infrastructure and facilities sector.
b. Explain the advantage of implementing technology in infrastructure
a. A well-developed infrastructure helps an economy in achieving high growth,
eradicating poverty, providing a higher standard of life to people, and
effectively utilising the resources available. However, infrastructure goes
through evolution. In other words, modern infrastructure is significantly
different from the various infrastructure facilities available a few decades
back. For example, various transport facilities, such as Metro rail and bullet
trains, were not available a few decades ago.
With the advancement of technology, infrastructure also goes through
changes. Following are some of the recent trends in infrastructure:

Urban Infrastructure
Private sector participation

b. Technology helps in infrastructure development in the following ways:

Increasing efficiency: Technology helps in increasing the efficiency of the
infrastructure facilities of a country. Efficiency can be in terms of providing
infrastructure facilitates to a larger number of the population, increasing the
production level (for example, increasing the production level of power), or
increasing the safety level. For example, the modern GPS system helps in
better navigation of flights by identifying the exact location of an aircraft.
Cost effectiveness: Technology helps in reducing wastes, thereby cutting
costs. For example, satellite technology has enhanced the efficiency and cut
the costs of oil exploration. In addition, various computer tools, such as
Microsoft project software, help in project planning and scheduling, resource
management, project review, preparation of charts, tracking progress, and
generating reports. Therefore, as you can see, technological tools help in
better execution and control of project activities, thereby saving time and
Q6. Write short note on
a. Technological Impact on Education
b. Technological Impact on Communication and Transportation
a. Technology's Impact on Education
Two decades back, computers were not common inside classrooms and
households. Nowadays, computers, in schools, colleges, and households,
have become a necessity, contributing to increased student awareness.
Through Internet connections, students and teachers have a connection to
every part of the world. Online courses and distance learning have become
possible due to technology.
Technology has greatly contributed in the field of research by enabling
researchers to carry out sophisticated studies using electronic devices. The
history of technological development in the society has shown links between
innovations in industry and communications with improvements in
educational methods. The success of net-based curriculum at all levels of
education is an example of the educational development through technology.
Students can access publications, books, and study material on the Web. The
ability of Web-enabled computers, offering lessons in
multimedia formats and allowing real-time interactions between teachers and
students, has paved the delivery of quality education in the new century.
However, rapid technological advances have made continual upgrading of
professional skills an economic necessity
b. Technology's Impact on Communication and Transportation
Earlier, messages were relayed with word-of-mouth through a messenger and
took a long time. This took the form of telephonic conversations, fax, and
telegraphs. The amalgamation of technology and the Internet has made it
possible that a message can now be received through e-mails, online chats,
and text messaging, using mobile phones in a matter of seconds from

across the world. Technology has compressed the world by making

communication across boundaries possible.
Technology has made transportation faster, more comfortable, and
environment friendly. For example, technological innovations, such as metro
rail networks, solve the problems of urban transportation. Technological
improvement has also increased the speed and safety of commercial
aircrafts. In addition, innovations, such as electric cars, provide environmentfriendly transportation solutions to commuters.