According to Laudon and Laudon (2006), virtual reality is a type of information system that emulates a real world situation and transforms it into a digital context whereas augmented reality incorporates digital data and information into real world context. A virtual reality system creates a total immersion of users’ mental, visual and even aural experiences of the real world into the system. Augmented system on the other hand augments the system experiences and virtuality into the real world.
Why is augmented reality so appealing to marketers?
Augmented reality is one of the new marketing techniques taking toll of the market, Laudon argues that the main reason is because of the fact that augmented reality engages the audience more and allows them to actively participate in the process of product or service promotion through activities such as video creation, picture editing, and games; the consumer is captivated and thus promotes the product.
What makes augmented reality useful for real estate shopping applications?
Augmented reality is a major tool that can be used for real estate shopping applications. The system has the ability to allow incorporation of the figures taken from the real world through video, pictures, tapes and any other form and transforming these images into new images of the desired output. For instance, a user may wish to shop for a house or a building or even identify a location for the development of a real estate. The user gets the videos pictures or images of the location and the augmented system will transform these images into new images that are desired by the customer or prospective developers.
Suggest some other knowledge work applications for augmented reality
Augmented reality gains application in many other areas more so in robotics and telerobotics. The system incorporates a work space that entails a visual image that a telerobotic operator uses to guide the robot.
The technology is also applied in medical sector especially for surgery. Most surgeries are done based on imagery; these images could be transformed into more elaborate visualizations that could be in three dimensions. These visualizations create a more accurate and precise operating procedures in the theatre thus enhancing the performance of the surgical teams.
Describe the conditions that preceded the flash crash
On the 6th of May 2010 stock markets in the U.S were on the low and the situation was worsening ; investor uncertainties were aggravated by concerns such as the European debt, and the Greece defaulting . The crash in a flash happened at 2:42 PM this low plunging was not only attributed to investor uncertainties.
Prior to the flash crash, the market had dropped down to three hundred points earlier in the day, a loss in market value estimated at one trillion dollars was registered by Dow Jones. Although the situation recovered as quickly as it had happened the loss was a major hit that had not been experienced by the company in years.
What are some of the benefits of electronic trading?
The use of electronic trading systems has more benefits as compared to human trading. The electronic systems are much faster; they reduce the cost incurred by traders in terms of employment. A system referred to as High Frequency Traders (HFTs) that utilize automated algorithms to handle trading, they are also incorporated with machine learning that aid the computer systems to efficiently handle trading .These systems that can easily process large amounts of stock data and information within a very short period of time and make decisions based on the shifting dynamics of the market.
What features of electronic trading and automated trading programs contributed to the crash?
The crash was attributed to the electronic and automated trading programs, computer algorithms insufficiency to handle the change in the market. The electronic trading system is fast and equipped with computer algorithm to execute and complete order transactions; in the process, the algorithm executes the program without considering the output or outcome.
Could this crash have been prevented? Why or why not?
The crash would have been prevented if the electronic systems algorithm had been designed to include the key variable of price. The system just executed what it had been instructed to and in the event worsened the situation. The crash would also been prevented if human intervention had been incorporated early enough before the system had accelerated the sales to a point where human intervention was of no consequence to the situation.
What management, organization, and technology issues had to be addressed when developing Valero’s dashboard?
Management issues that had to be addressed during the development of the Valero’s dashboard include issues such as safety, flexibility, system reliability and business optimization. Customer service and compliance are the major organizational issues to be addressed. The technologies to be used should meet the stipulated standards to ensure accuracy, speed and efficiency of the business systems. What measures of performance do the dashboards display? Give examples of several management decisions that would benefit from the information provided by Valero’s dashboards.
The dash boards will produce forecast scenarios and models, production reports, parameterized reports, ad hock queries and scorecards. This information provided by the Valero’s dashboard will enhance decision making. It aids in both structured, unstructured and semi-structured decisions. The executive managers use production reports to monitor functionalities; business analysts use the ad hoc queries to do analysis and operation managers and employees use it do a sales forecasting, supply chain determination, monitor employee production and loyalty and ensure customer satisfaction.
What kinds of information systems are required by Valero to maintain and operate its refining dashboard?
Information systems required by Valero to maintain the dashboard include predictive analytic systems to help the company predict the future trends in order to make an informed decision. Data visualization systems aid the management to identify and view relationships and patterns that would have been otherwise impossible. Geographic information systems help in tying locations to maps. Decision support systems aid the executive management in making decision based on collected data and information. Management information systems aide operational managers in generation of reports run day to day activities and make fairly structured decisions.
How effective are Valero’s dashboards in helping management pilot the company? Explain your answer.
The dashboards have information systems that aid the management in the process of decision making. Decision support systems help the management to focus on important performance information .The mathematical and analytical capabilities of the system allow the managers to perform what if analysis, sensitivity analysis and multi-dimensional analysis to reduce future uncertainties.
Should Valero develop a dashboard to measure the many factors in its environment that it does not control? Why or why not?
Valero should develop a dash board to measure these factors since external factors in the environment are of importance since they eventually must be considered in the process of decision making.
References
Laudon, K. C., & Laudon, J. P. (2006). Management information systems: managing the digital firm (12 ed.). New Jersey: Prentice Hall.
