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BSBMGT608 Assessment Version 1.1 07/19 Page 3 of 18 Assessment Task 1: Written Questions 1. What is innovation? 2. Outline the differences between Incremental and radical innovation 3. What are Key Performance Indicators and how can they be used to monitor performance? 4. Outline the reasons for supplier evaluation. Why would businesses benefit from undertaking and evaluation of their supply chain? 5. Describe 2 performance management tools and their applications. 6. What would you expect to find in a contingency plan? 7. Describe 2 risk mitigation strategies. 8. Innovation has been identified as the last competitive advantage available to organizations in a turbulent and hyper-competitive global market. Therefore, a number of key drivers are needed to encourage and foster innovation in organizations. What do these include?
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BSBMGT608 Assessment Version 1.1 07/19 Page 4 of 18 Assessment Task 2: Transition Plan Report 1. Read the following article: 1. Strategy for Innovation A clear and articulated strategy for innovation must be developed and accepted to encourage innovation across the organization. Strategy development first requires an understanding of the business and its environment, and should involve stakeholder input to ensure buy-in across the organization. Innovative companies have a clear vision and core values that encourage the pursuit of organizational objectives, including innovation initiatives. 2. Innovation Leadership throughout the Organization Commitment and support from top management is the cornerstone of successful innovation. Management influence is necessary to overcome the barriers to successful change, which innovators often encounter. Identifying “champions” in the organization to drive the innovation agenda can make a significant difference to innovation diffusion and adoption. Innovation champions can also provide the leadership required to stimulate innovation throughout the organization. Effective change management will ensure that improvements will be easily implemented. When top management is pro-active and becomes a catalyst for change, the organization has a better opportunity to adopt an innovative culture. 3. Culture and People Establishing a culture that is conducive to innovation requires building a work environment where trust, open communication and teamwork are the norm. A team is capable of significant achievements because individual abilities can be pooled towards achieving a common objective. The use of cross-functional teams helps break down the barriers by transcending the existing organizational structure. An environment that encourages participation, learning and fun allows new ideas to be generated and improvements implemented. Harnessing the creativity of the workforce forms a critical component of an innovative culture. Therefore, professional development of employees should include skills development in creativity tools and techniques. Other
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