Describe the process of decision making and innovation? How do companies keep the balance of managing...

Describe the process of decision making and innovation? How do companies keep the balance of managing risk while continuously innovating? What is the role of external contacts for innovation?

Expert Solution

The process of decision making invovles various steps and they are:

(i) collect more and better information about markets and firm capibilities.

(ii)Accumulate and draw on their own or others experience.

(iii)recognize and reduce bias and error in judgement..

Acquiring the innovation managment

innovation managers exhibit certain skills attitudes that allow them to effectively gather abd assess information.The key to acquiring the innovation management is experience.This includes both quantity and quality of experience.

Innovation Ambition Levels

Core ambition includes initiatives that are incremental and enhancement to core offerings such as new additions.

Adjacent innovation ambition these expand the exsisting business by leveraging what the business already does.

Transformational innovation ambition represents those viewed as breakthroughs of enitrely new offerings.

Challenge

Balancing the mix of core,adjacent is one of the keys to successfully managing risks associated with innovation.Sometimes companies fail to realise that they have to approach the management of risks associated with transformational innovation.The pressure to have a sound risk managment system surrounding innovation is heightened given recent trends that include but are not limited to:

Market exepectations
Global expectations
volatility in structural change

External Innovative Imperative

Comapnies have long incorporated external innovations through a variety of mechanism including acqusitions,partnerships,joint ventures and licensing.But the technical basis of so many innovations today has increased both the need to access new technologies and capabilities from outside of the company and the variety of models for doing so,including corporate venture capital,accelerators and innovation labs.Companies have rediscovered models for external innovation and have ventured backed startups that have disrupted multiple industries.

Rahul Sunny answered 2 years ago

Describe "context" and how it affects ethics and the decision-making process

How do companies use CVP analysis information in decision making?

Consumer Decision-Making: Describe the process of consumer decision making for either hospital services or insurance services....

Consumer Decision-Making: Describe the process of consumer decision making for either hospital services or insurance services. What are the keys elements that influence choice? Consider family, friends, culture and sub-culture, social class, etc. in your answer.

What are the different types of decisions and how does the decision-making process work? How do...

What are the different types of decisions and how does the decision-making process work? How do information systems support the activities of managers and management decision making? *List and describe the different levels of decision making and decisions making constituencies’ in organizations. Explain how their decision making requirements differ. *Distinguish between an unstructured, semi structured, and structured decision. *List and describe the stages in decision making. *Compare the descriptions of managerial behavior in the classical and behavioral models. *Identify the...

2. How do the activities in the consumer decision making process relate to the basic consumer...

2. How do the activities in the consumer decision making process relate to the basic consumer behavior consumption process? 7. How does consumer involvement, perceived risk, product experience, and time availability influence the amount of search that a consumer will perform when seeking to satisfy a problem that they are facing? 8. What types of technologies are affecting consumer search behavior? 9. Describe a recent situation that you faced in which you think the decision-making model discussed in the chapter...

‏How do we use the steps of decision-making process during our work on the ideas of...

‏How do we use the steps of decision-making process during our work on the ideas of engineering projects, especially when we want to choose the best alternatives or add any developments to our project?

How can I do Consumer Decision Making Process for Sephora ( sephora products specifically )?

describe the impact of epic information system on the quality of decision making. The process for...

describe the impact of epic information system on the quality of decision making. The process for selecting and implementing epic. The cost associated with epic and the nurses role in selecting and evaluating epic.

Discuss the decision making process in terms of "immunizing" the Income Statement and "immunizing" the Balance...

Discuss the decision making process in terms of "immunizing" the Income Statement and "immunizing" the Balance Sheet

How does cash flow affect the overall decision making process of a healthcare administrator? Do you...

How does cash flow affect the overall decision making process of a healthcare administrator? Do you feel that differences exist in cash positive versus cash negative facilities? What type of decision making situations would be on the top of your list (e.g. hiring, lay-offs, budget concerns)

Question