515 Essay Example | Topics and Well Written Essays - 500 words

515 - Essay Example Considering one success application among all are the intelligent decision support systems. Advanced forms of decision support systems can be fore fronted by a user-friendly layout. Slight intelligent modifications in a set of possible answer values enables smart end results that are in accordance with the output expected by the user interacting with the system. These systems are often self adaptive in nature and learn from every word the user types. Being futuristic machines their evolution involves the embedding of input data from the user’s conversation into their own repository of answers, learning from each interaction they make. It is potentially not possible for human business personnel to remain online twenty four hours a day for the query justification of their customers. The customer may be present in any part of the world. Thus, the best usage of chatbots is in call centers. Chatbots.org quotes as follows: â€Å"It provides information, services and assistance about web pages, and supports a wide range of applications in business, education, government, healthcare, and entertainment. Sometimes the term Virtual Assistant is also used in assistance of employees of an organization instead of external audiences.† (Chatbots.org, n.d.) Chatbox based interactive question answering systems having become an essential part of businesses today. Since voice enabled chatbots (interactive systems that have chat box technology embedded in them) are becoming increasingly common the Economist is quoted to have mentioned the benefits of their installation as follows: "Speech recognition: At long last, speech is becoming an important interface between man and machine. In the process, it is helping to slash costs in business, create new services on the Internet, and make cars a lot safer and easier to drive." Human Realization of interaction with a Virtual Representative automatically reduced any

Minimum Wages Essay Example | Topics and Well Written Essays - 1500 words

Minimum Wages - Essay Example The workers who are having relatively more expertise in a certain job than the unskilled ones are categorized in semi skilled market. (A) With the use of diagrams illustrate and explain the likely effect of the introduction of minimum wage legislation on labor markets over time. Answer: The rates of minimum wage can vary across jurisdictions. The concerned authorities are entitled to set the minimum amount of wage for the workers. The indicators that minimizes the loss of jobs as well as maintains international competitiveness is used to set the initial minimum wage. The general economic conditions like real and nominal rates of gross domestic product, the supply and demand of labor force, and the level of inflation existing within the economy, the different terms of employment and costs of labor and business operation, the standard of living are taken into consideration as well. In a perfectly competitive labor market many firms are in competition in hiring workers. The firms lack t he power to set wages and the wage rate is determined by the market. If a firm deviated from that wage it losses by paying higher and gains if it pays lesser. In employer dominated labor markets there is a collection of some small local markets. Some firms enjoy the dominant position and a major employer has the capability to set the wage rate for the workers without the fear of competition from other firms (Flinn, 2010, p. 3).. In both the cases there are large numbers of workers and each of them has a reservation wage. The worker may not work if the wage rate is below his reservation wage. The relationship between the participants in the labor market and the market wage is regarded as labor supply and denoted by the upward sloping curve. The effect of the introduction of minimum wage legislation depends on the type of labor market. The employers’ power on wage decisions is dependent on whether the market is competitive or not. Two scenarios can be taken under consideration. The diagram below shows two market structures. Bothe panels have the supply and the demand curve for labor. The wage rate is depicted on the X-axis while total labor force N is depicted on the