Therefore the risks are considered to be high a risk

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Therefore the risks are considered to be high.A risk management strategies could include getting feedback from trusted stakeholders about thecourse before release.Read the risk management scenarios at:Cost benefit analysisCost benefit analysis is an important tool in better decision making and again is key in considering whetherto introduce a range of continuous improvement and innovation options.Cost benefit analysis provide a systematic approach to identifying the costs and benefits of a range ofalternatives and then comparing these to find out the net costs or benefits of each alternative and ultimatelythe preferred option/s.Review this simple chart and information at the following link to find out about a step by step process forcost benefit analysis:© RTO Works 2019 SELC Career College Australia RTO: 91721 SELC- BSBMGT608-SG-V2019.1.2Page 18 of 27
BSBMGT608 Manage innovation and continuous improvementStudent GuideGoing back to the previous example, cost benefit analysis can be applied to continuous improvement andinnovation as can be seen from the following example:A business has decided to introduce a new products. However, they have the option of introducingany of three new products.Establishment costs identified for each product are as follows:Course 1: $50,000Course 2: $75,000Course 3: $100,000Benefits are considered to be:Product 1: Many similar products on the market but easy to sellProduct 2: Easy to sell lots of the productProduct 3:Highly innovative productThe business will therefore need to weigh up the costs and benefits and come to a decision based onsuch. As you can see from this example, it would not be necessarily straight forward.The following article also provides interesting guidance on cost benefit analysis:© RTO Works 2019 SELC Career College Australia RTO: 91721 SELC- BSBMGT608-SG-V2019.1.2Page 19 of 27
BSBMGT608 Manage innovation and continuous improvementStudent GuideTopic 4: Implement innovative processesApproval processesThere may be organisational process in place that need to be followed for approval of the actions to beundertaken. Most likely this will include gaining senior management approval which could occur through aformal meeting to discuss and approve actions or through the submission of a formal report to seniormanagement which is then reviewed and approved.Part of gaining approval would also include setting out implementation issues.Implementation plansThe implementation plan needs to include objectives, timeframes and measures.Therefore an examplerelated to a continuous improvement or innovation might look as follows:Consider the following example:The college where you are studying has decided to implement a new innovative course. There are manyimplementation issues to consider, including:What will the resource implications be for the new course i.e. staffing and financial?

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Term
Winter
Professor
Alfred H. Baucom
Tags
RTO, SELC Career College Australia

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