Business Management HL
Business Management HL
6
Chapters
223
Notes
Unit 1 - Introduction To Business Management
Unit 1 - Introduction To Business Management
Unit 2 - Human Resource Management
Unit 2 - Human Resource Management
Unit 3 - Finance & accounts
Unit 3 - Finance & accounts
Unit 4 - Marketing
Unit 4 - Marketing
Unit 5 - Operations management
Unit 5 - Operations management
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 5 - Operations management
Business Management HL
Business Management HL

Unit 5 - Operations management

Unlock The Future: Big Data Vs. Virtual Reality Vs. IoT Vs. Artificial Intelligence Explained

Word Count Emoji
619 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 14th Jun 2024

Table of content

Big Data

  • Definition: Databases that are hugeeeee! Think of an ocean filled with data.

  • Characteristics (or what some call the Vs):

    • Volume: The sheer amount of data. Imagine trying to drink the ocean with a straw!
    • Variety: Different types of data – photos, texts, videos.
    • Velocity: The speed at which new data is produced. Like popcorn popping at rapid speed.
    • Some extra Vs to sound super smart: Value (usefulness), veracity (truthfulness), comprehensiveness (complete or just a slice?).
  • Where does it come from?

    • Devices like computers, phones, and tablets.
    • Online shopping databases.
    • Social media apps.
    • GPS systems.
  • Why do businesses ❤️ big data?

    • To track performance (e.g. Is Joe from accounting working efficiently?).
    • For market research. It's like having a crystal ball to see what customers want.
    • To set prices according to demand (e.g. Airline tickets getting pricier during holidays!).
  • Watch out! Concerns about personal data privacy:

    • Europe's GDPR and California's CCPA – superheroes protecting people's data.

Virtual Reality (VR)

  • Definition: A simulated 3D world you can "enter" and explore. It's like jumping into a video game!
  • Uses
    • Fun and games.
    • Training for professionals. Surgeons can rehearse tricky operations; pilots can simulate a stormy landing.
    • Future potential: Test driving cars or visiting holiday destinations before deciding.

The Internet of Things (IoT)

  • Definition: Devices chatting with each other without us humans! Imagine your fridge talking to your oven.
  • Examples
    • Smart homes: Windows adjusting according to the weather. Too hot? They might just open up!
    • In businesses
      • Retail: Automated stock checking and ordering. Stores that replenish themselves!
      • Health: Smartwatches keeping an eye on your heart, maybe even chatting with your doctor.
      • Agriculture: Farms that can sense and adjust. Sun's too harsh? Automated shades come on.

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IB Resources
Unit 5 - Operations management
Business Management HL
Business Management HL

Unit 5 - Operations management

Unlock The Future: Big Data Vs. Virtual Reality Vs. IoT Vs. Artificial Intelligence Explained

Word Count Emoji
619 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited on 14th Jun 2024

Table of content

Big Data

  • Definition: Databases that are hugeeeee! Think of an ocean filled with data.

  • Characteristics (or what some call the Vs):

    • Volume: The sheer amount of data. Imagine trying to drink the ocean with a straw!
    • Variety: Different types of data – photos, texts, videos.
    • Velocity: The speed at which new data is produced. Like popcorn popping at rapid speed.
    • Some extra Vs to sound super smart: Value (usefulness), veracity (truthfulness), comprehensiveness (complete or just a slice?).
  • Where does it come from?

    • Devices like computers, phones, and tablets.
    • Online shopping databases.
    • Social media apps.
    • GPS systems.
  • Why do businesses ❤️ big data?

    • To track performance (e.g. Is Joe from accounting working efficiently?).
    • For market research. It's like having a crystal ball to see what customers want.
    • To set prices according to demand (e.g. Airline tickets getting pricier during holidays!).
  • Watch out! Concerns about personal data privacy:

    • Europe's GDPR and California's CCPA – superheroes protecting people's data.

Virtual Reality (VR)

  • Definition: A simulated 3D world you can "enter" and explore. It's like jumping into a video game!
  • Uses
    • Fun and games.
    • Training for professionals. Surgeons can rehearse tricky operations; pilots can simulate a stormy landing.
    • Future potential: Test driving cars or visiting holiday destinations before deciding.

The Internet of Things (IoT)

  • Definition: Devices chatting with each other without us humans! Imagine your fridge talking to your oven.
  • Examples
    • Smart homes: Windows adjusting according to the weather. Too hot? They might just open up!
    • In businesses
      • Retail: Automated stock checking and ordering. Stores that replenish themselves!
      • Health: Smartwatches keeping an eye on your heart, maybe even chatting with your doctor.
      • Agriculture: Farms that can sense and adjust. Sun's too harsh? Automated shades come on.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟