In artificial intelligence, an expert system is

 

In artificial intelligence, an expert
system is a computer system that emulates the decision-making ability of a
human expert.

 

 

Submitted to Prof.
Sharmila Devi

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Prepared by Lisa
Fernandes: 3152 (SY C)

 

Date of submission: 24th
January, 2018

 

Edward Feigenbaum of Stanford University has defined expert
system as “an intelligent computer program that uses knowledge and inference procedures
to solve problems that are difficult enough to require significant human
expertise for their solutions.”

 

Table of contents:

 

Sr.
No.

Topic

Pg.
No.

a.      

Acknowledgement

2

b.      

Issues
Motivated for choosing the study

2

c.      

Origin
& nature

2

d.      

Existing
scholarly work – Literature Review

3

e.      

Current
situation (time period 2010 to now)

4

f.       

Lessons
learned

6

g.      

Recommendations
for Future

9

h.      

Reference

10

i.       

 

11

j.       

 

12

 

1.    
 (5
related literatures with proper in text citation and references)

o  
https://www.cia.gov/library/readingroom/docs/CIA-RDP57-00384R000700130001-2.pdf

o  
http://www.ssb.no/a/publikasjoner/pdf/DP/dp_032.pdf

o  
 

 

 

 

 

Acknowledgement:

We would like to thank
Prof. Jaysing Bhosale for designing this project and enabling us to gather
information, analyze and break it down to understand the topic “Expert System”
and its application in Information Systems. This assignment made us look beyond
what meets the eye in Computer Systems. The elements, processing and
application of Expert Systems in IT has been engrained in our minds due to the
structure of this project.

 

We thank the IT Business
Management course organizers for giving us this opportunity to understand the
depth of Information Technology systems in Business and put the concepts to use
on entering the corporate world.

 

 

Issues Motivated for
choosing the study:

The Organisation of Petroleum Exporting Countries, OPEC, has
managed to come to agreement on cuts in production quotas among the various
members. Those who are not formal members of OPEC, such as Russia, are also
joining in the cuts. The aim, of course as with any cartel, is to agree to
restrain production so that prices rise. If they can manage to get that price
production level equation right they can thereby gain higher income for less
production. And that is, again of course, what we expect of monopolists. A
cartel is an attempt to create a monopoly among a number of different
producers–or at least gain something close to monopoly power so that that
monopolists’ trick of lower production and yet higher revenue can be pulled
off.

Consumers should and do hate such behavior – it makes them poorer,
they have less oil to use and yet must give up more of their incomes to have
it. This is why most countries have anti-monopoly and anti-trust laws and
enforcement. For the artificial creation of such monopolies is known to be
something that harms consumers. In fact, if one tries that sort of action
inside the European Union you can be fined up to 10% of your global turnover
for trying it on. Sadly, OPEC, being a governmental organization, doesn’t get
dinged with those same laws. But this still leaves them with the basic economic
problem faced by all cartels. A true monopoly has it easier – everyone, all
production, is under the same control. A cartel is by definition a number of
individual actors who have joined together to achieve their goal.

And the problem with such a cartel is that every single member has
an incentive to cheat all the other members. The production restraints push up
the price – so, why not produce a little bit more, you know, just a leetle bit, to take advantage of those higher
prices? And if only one person does it just a little, a leetle, bit, then usually no
problem. But if everyone starts to cheat just a bit then the production
restrictions are breached and all lose. It’s a nice example of the standard
collective action problem. If everyone does what they’re supposed to then it
works nicely. And the more cheaters there are the more it falls apart.

OPEC’s problem is that the organization itself doesn’t control
enough of the world’s supply to really control the oil price. And while it’s got
some help from some other producers that’s still not quite enough. For in the
background there is America’s fracking industry. And that is so split into
myriad parts that it’s simply never going to happen that it will constrain
production for any other reason than price. And that’s really OPEC’s problem
writ large, the more successful they are at raising the price then the more
they’re going to call into that competition which will undermine that price.

x

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