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Averting Problems In The New Millennium

1042 words - 5 pages

Averting Problems in the New Millennium

As we approach the end of this century, many people have raised concerns regarding the serious issues surrounding the Y2K problems. Although no one knows precisely what will happen on January 1, 2000, the general opinion is that Y2K related problems will cause failures of basic services including utilities, water and phone service. Contrary to popular opinion, I believe that the Y2K problems will have more of a positive effect on our society because it has caused us to analyze more carefully, the data and the technology we rely on in everyday situations. In addition, the new millennium will usher an era of tremendous opportunities for ...view middle of the document...

Firstly, in light of the potential for disruption the Year 2000 poses to our society, the government has provided encouraging information on the status of government agencies to assure the public that nearly all financial institutions and utilities are Y2K compliant. The Energy Secretary, appeared in an interview on November 29, on the Oprah Show and he stated that nearly all financial institutions and utilities are Y2K compliant. Although he reported that the utilities are 99% Y2K ready, there is a possibility that approximately 26 utilities out of a total of 3,000 are not in compliance. This means that there is a chance for power failure in some communities. In addition, financial institutions are 99.9% ready, but approximately five banks out of a total of 10,000 are not in compliance. We were also informed that banks would not run out of money since a surplus of more than fifty million dollars were printed in anticipation of the increased demand for cash prior to New Year¹s Eve. However, banks have recommended that if people choose to withdraw large sums of money, these transactions should be done prior to December 31st in order to avoid excessive transactions that day which may overload the banking system.

Secondly, most corporations and large businesses have spent millions of dollars to update their computer systems to address the Y2K problems, and avert system crashes. They have also allocated resources to constantly monitor the situation to detect errors and miscalculations. However, small businesses that have less financial resources available to fix all their computer systems are concerned that they will experience disruptions which could result in bankruptcy. Another example of disruptions which could affect the daily routine,is the fact that elevators may shut down because they may interpret the date change to mean they need to schedule maintenance. One of the more frustrating aspects of the Y2K crisis is that the business world is extremely vulnerable from the wide range of other systems that may experience crashes, in addition to their mainframe and desktop computers. For example, many...

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