Will Basic Economic Problem ever be solved Essay

Will Basic Economic Problem ever be solved - Essay Example tisfied with the quality and quantity of goods and services they have, and they always want more; but the nature has finite resources at any given point in time. The problem of scarcity can be solved, and is being solved, through the technological advances. Scarcity means that while a person enjoys one resource at a given time, he has to give up another to let others enjoy, or the society ends up with some people enjoying the resources and some not. Technology in the industrialized nations has made the resources available to almost everyone at the doorstep. For example, medical health services are being provided even to remote areas through telemedicine and e-health, which remotely residing people could never think of availing. Distance education is made possible through online education, and so, remotely residing people, or those who cannot afford high university fee, can also get the same standard of education as those who can afford it. However, the counter-argument is that scarcity can never be solved because it is never enough for everybody. Nature has finite number of resources that have to end at a certain time, but population will keep on growing and requiring. Human beings have finite choices, finite opportunities, finite time on earth, and finite energy to produce resources. Similarly, there is finite labor, capital and other economic resources in the market. Natural resources like air and solar energy are infinite, but labor and capital is required to turn these natural resources into usable energy. Technology can be used to convert solar energy into heat or electrical energy, but labor and capital is required, which is again finite. Hence, cobweb of economic finiteness makes scarcity a big problem. Nonetheless, considering the rate at which technological advances are being made, no one knows what technology holds for us in future with respect to solving the problem of scarcity. To conclude, scarcity is a major economic problem as human needs keep on

A path breaking research in the area of Metrics used in IT industry Paper

A path breaking in the area of Metrics used in IT industry and its effectiveness- Developing new metrics for measuring - Research Paper Example Scope becomes sufficiently measured through observation of the changes required during the implementation process. This paper explores the various metrics utilized in assessment of the efficacy in implementation of these unique IT projects. TABLE OF CONTENTS ABSTRACT 2 TABLE OF CONTENTS 3 INTRODUCTION 4 METHODOLOGY 4 Planning 5 Controlling 6 DATA COLLECTION AND ANALYSIS 6 FINDINGS 9 Project metrics 10 Metrics in IT projects 11 Cost 11 Time 13 Scope 15 CONCLUSION 16 REFERENCES 18 INTRODUCTION The information technology industry represents a unique characteristic for development projects aimed at providing improved technologies, both in software and hardware sectors. The planning process for the projects remains an essential component for minimizing project failure ultimately assuring success. Poor management of IT projects remains the highest cause of project failures within the industry. It is estimated that this accounts for 54% failure with technical challenges causing 3% (Gulla, 2012). Proper management begins with development of proper plans during the initial project stages. The evaluation process seeks to make an assessment of the project progress during implementation. ... The process will be broken down into different stages which shall follow each other. The waterfall methodology being utilized shall be as indicated in the chart below. Measurement of the various metrics involved in the project will be undertaken following completion of each stage and relevant actions taken, based on the results of performance indexes. Figure 1the waterfall methodology Planning The project planning aspect involves the development of a plan providing guideline towards undertaking a desired development project. This marks the beginning stage of any project being implemented. The element of undertaking sufficient planning remains fundamental in assuring success, or causing ultimate project failure. The planning process involves provision of various aspects of the project, commonly through estimations. These estimations provide guidelines during implementation; hence their accuracy remains essential in assuring success. The provided estimates must remain reflective of act ual figures, with minimal discrepancies. During the project evaluation process, the actual figures become measured against the provided project estimates, established during the planning stages. Poor planning remains the fundamental cause for most project failures. While the planning phase remains fundamental in ensuring success, the numerous aspects involved within the planning phase contribute towards successful implementation. Individuals involved in the planning phase of any projects should ensure that the plans suffice the project requirements. This serves in eliminating and minimizing continuous changes during the project implementation phase. The planning phase should provide a