Business Environment

ADMN 4057 – Midterm Test

Answer the following questions. Each question is worth 5 points.

1. “Fifty years ago, on a trip to China, the renowned Chicago economist Milton Friedman was shown some of the country’s noteworthy public works programs in which hundreds of laborers were digging a canal with shovels. When he asked his hosts why they weren’t relying on earth-moving equipment, the officials responded that their strategy created more jobs. “In that case,” he famously retorted, “why don’t you replace the shovels with spoons?” (Source: The Future of Work, 2015)

a) Discuss how this quote applies OR does not apply to the use of laborers in “picking and packing” in shipment fulfillment centres, a college classroom instructor, or the role of cashiers in a retail store.

b) Describe whether or not you feel your opinion will change 20 years from now.

2. Some people believe that robots will play an important role in future societies, while others argue that robots might have negative effects on society.

a) Discuss both views and give your opinion.

3. Imagine that you have been hired as a consultant for Fortune Retail Real Estate Development Company. They asked you to design a mall that will be scheduled to open in 2020 in a region of your choice.

a) Describe the design of the mall that you would build and use specific examples from course concepts to explain your choices.

4. Fast-forward 5-years into the future. Consider what you will be doing in your professional life. a) Define the gig economy in your own words. Will you be part of the gig economy in 5-years.

Why or why not?

5. “Big data is already being used to improve operational efficiency, and the ability to make informed decisions based on the very latest up-to-the-moment information is rapidly becoming the mainstream norm.” (HBR, April 2017)

a) You work as a manager is a large entertainment corporation that has several divisions including: a theme-park, movie streaming, and several clothing outlets. You have been asked to determine how you could use big data to enhance customer experience in ONE of these divisions.