Role of Technology in Efficient Use of Exhaustible Resources Discussion you have to write 300 words for this discussion then response for 3 student. We

Role of Technology in Efficient Use of Exhaustible Resources Discussion you have to write 300 words for this discussion then response for 3 student.

We are all aware that there are many natural resources, fossil fuels like coal, crude petroleum, mineral resources etc, which are essential inputs in modern manufacturing / production processes, and are available in limited stock (i.e., are exhaustible).

In this discussion please discuss the role of technology in efficient utilization of these exhaustible resources which you might have come across in your own work experience. You could also discuss instances of firms taking steps to adopt renewable natural resources to cut down their reliance on exhaustible resources.

1st student:

Did you know that the U.S Department of Defense uses 750,000 tons of minerals annually to build the technologies that ensure our natural security? And that these minerals resources continue to play a role in our soldier’s lives after they return home for medical technologies/purposes.

Technology is the game changer factor in our time. As mentioned by Harvard Business Review, historically, the resources sector followed a ‘dig and delivery model,’ where success was mainly about the size and quality of the assets. However, nowadays, the manner in how producers manage the resources obtained is far more critical than how much they have; as limited availability of resources plays a vital factor.

For instance, consider how the dynamics of demand are changing. Every topic we’ve learned from previous classes can be drawn back to this analyzation. The integration of internet-of-things technology, data analytics, macroeconomic trends, and the changing of consumer behavior are fundamentally transforming the way resources are consumed. On the other side, technology is enabling firms to use these resources more efficiently in their products.

As a result, renewable energies, solar and wind, will continue to become cheaper and will play a much larger role in the global economy’s energy mix. Firms will be taking steps to cut down their reliance on these limited resources. It is estimated that renewables could jump from 4% of global power generation today to as much as 36% by 2035 in an accelerated technology scenario, stated by Harvard Business Review study.

Overall, by harnessing new and existing technology, tomorrow’s resource leader could derive its advantage from doing more with less, moving faster, and thinking differently than in the past. It is all about adaption and change. While this transition won’t be easy, the rewards of greater efficiency and productivity can be great.

References:
How Technology is Reshaping the Supply and Demand for Natural Resources
https://www.mckinsey.com/business-functions/sustai…

How The Natural Resource Business Is Turning into a Technology Industry
https://hbr.org/2017/06/how-the-natural-resources-…

2nd student:

An advance in technology is changing the way resources are consumed and produced. In more than two decades, the expectation of energy demand will decrease in factories, schools, homes, offices, and transportation as well as factories, when engines begin to use more efficient fuel, an increase in the development and use of self-driving and electric vehicles, renewable sources of energy, including wind, solar power and steam, will advance the generation of electricity, which will increase the competition with fossil fuels. As for robotics, Internet of Things, resource producers, and data analytics, will promote improvements in productivity.

The world economy is adapting to the increased demand for exhaustible resources. As resource technology uses an exhaustible resource as an input with the right technology. It’s obvious that the time path of resource extraction and the adoption of technology depend on the optimal allocation of capital across the technologies, and the size of the capital in relation to the resource. In particular, if the capital is small, only the appropriate resource technology is used. As a result of industrialization, resource extraction increases with the earlier adaptation of technology.

Considering the large number of students that MSU serves, it is very hard to depend only on public electricity to satisfy the demanding needs of the student population. In lieu of this, MSU facilities came up with a plan to generate their own source of energy (electricity). There is a construction going on near the Yogi Berra stadium called the cogent plant. MSU through the use of technology is taking advantage of the use of steam.

Through the use of steam turbines, electricity is being generated. This electricity through the use of technology is being distributed to all the halls on campus and at the student residence. MSU spends a lot of money paying for electricity from PSEG, with this development; MSU does not have to depend entirely on PSEG for their electric needs.

In the occasion where an enormous amount of electricity is generated and it exceeds the needs of the campus community, the school could even sell back to the state. Technology has come to stay with us, it is a part of our development us development us a nation.

https://www.mckinsey.com/business-functions/sustainability/our-insights/discover-technologys-impact-on-natural-resources (Links to an external site.)Links to an external site.

https://www.researchgate.net/publication/46470708_Exhaustible_Resources_Technology_Choice_and_Industrialization_of_Developing_Countries (Links to an external site.)Links to an external site.

3rd student :

While the field of infant and early childhood mental health may not utilize natural resources on the same scale and scope as many industries in the private sector, the role of technology has played an important role in efficient utilization and/or preservation of exhaustible resources. In many ways, the field attempts to follow the adage, ‘think global, act local.’

The technology afforded by computers, the internet and various hardware and other software platforms has been a critical tool in our team’s ability to more effectively utilize limited resources. For example, the use of technology such as video conferencing significantly reduces the need for travel for periodic meetings that are often necessary with new initiatives in the public sector. The ability to connect virtually reduces the costs associated with travel (e.g., fuel), which helps to reduce consumption of limited natural resources. The use of this technology also reduces the overall miles driven and small increases (e.g., 3- 7%) in the useful lifetime of a car can contribute to both cost savings as well as preservation of natural resources that are needed in the manufacturing and production process of new vehicles.

As noted in an October 2017 Forbes article, video conferencing has other benefits as well. “In a recent instance, ‘we had a person from the medical school who we needed for just five minutes. Driving an hour each way for five minutes wouldn’t make much sense,’ but by video conference, ‘it was like being in the same room.’” Video conferencing is far more engaging than audioconferencing and “the ability to maintain eye contact changes the entire feel and etiquette of the meeting, which translates into closer relationships, even between team members or clients who have not met in person.” Furthermore, video conferencing “enables superior communication and learning,” “keeps dispersed teams connected and aligned,” and “gets things done.” These other benefits can have many positive indirect effects on team productivity, which can translate into increased short-term outputs and enhanced long-term outcomes, further reducing the need for limited, exhaustible natural resources. In our field, technology allows us to do more effective collaboration (e.g., across various state department programs) with less funding (i.e., due to budget constraints that were rooted in the 2008 recession), which represents additional means to efficient utilization of natural resources (i.e., that were associated with generation of tax dollars from which the funds are sourced).

In addition, the technology has allowed our field to create online, asynchronous educational resources (e.g., self-paced, recorded virtual training sessions) that allows individuals to access needed content on their own. This further decreases the need for the travel that would be associated with a live training for both the facilitator and participants (e.g., 30 – 40 people per session), which also results in preservation of natural resources. Lastly, within the field, there is increasing recognition that providing professionals with information is not enough – active skill building and practice based coaching is essential. Use of virtual technology and video conferencing has greatly increased our staff’s ability to provide technical assistance across a much larger area and number of programs.

While I concentrated this initial discussion post on our team’s use of virtual tools, I hope it helps to illustrate the far-reaching impact that even one technology can have in promoting efficient utilization of exhaustible resources.

REFERENCES

(October 30, 2017) 5 Reasons Why Your Company Needs to Embrace Video Conferencing Nowhttps://www.forbes.com/sites/insights-zoom/2017/10/30/5-reasons-why-your-company-needs-to-embrace-video-conferencing-now/#71193fe847c4 (Links to an external site.)Links to an external site.

(July, 2017) The Connected Culture: Unleashing the Power of Video in Everyday Collaboration

https://www.forbes.com/forbes-insights/our-work/the-connected-culture/ (Links to an external site.)Links to an external site.