Economic Analysis of Artificial Intelligence & Its Implications in Business Management


Abstract

The value and power of Artificial Intelligence (AI) is growing dramatically every year and will soon dominate the internet and the economy as a whole. In this paper, it is proposed to assess the impact of Artificial Intelligence on business management. The effect of Artificial Intelligence on the cost and product curves are enumerated by graphical method. AI in the fields of finance, marketing and HR are described. An attempt is made to present applications of AI in business in other relevant areas.
Expert systems, machine vision and speech recognition form the basis of AI. This would enable use of such systems using computer language. Machine learning and language form the foundation of operations of systems where repetitive logic is used in solving human issues in a speedier way.
A definite caution need be expressed as regards use of working of these systems in large scale operations. While subtle human questions cannot be answered by programmed intelligence, the question of ethics cannot, however, be attempted by machines. What is true today as an ideal system for solution to a mass of humans may change over time. Such temporal changes cannot, however, be adapted by AI. The human who has made a system solution must remodify the AI of one time period over another time period.


Keywords

Artificial Intelligence, Internet of Things, Cost, Marginal Product & Average Product.

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References

https://www.techfunnel.com, 23rd April 2019 at 11.00pm

https://www.ca.com/en/blog-itom, 23rd April 2019 at 10.00pm

https://www.investopedia.com, 23rd April 2019 at 9.00pm


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