Innovation Management for BU syllabus
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Transcript of Innovation Management for BU syllabus
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Module 4Evaluation of Innovation
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Effectiveness EvaluationIs Measuring the extent to which
targets are being met, and detecting the factors that hinder r facilitate their realization
Involves establishing cause-effect relationship about the extent to which a particular policy produces desired outcome.
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Integration Of risksCombining different departments
of any organisation to analyse the risks involved and eliminate the risk at the initial stage
Ex., If Raw material used is found to be toxic, then keeping purchase and R&D team in loop to find an alternative raw material will help, even the marketing team might help.
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Integration Of risks
Companies have to integrate customers into the innovation process to improve overall innovation capabilities and reduce discontinuous innovation's market risk
Customer integration into NPD process helps to identify customer needs better and also manage the risks better
Once customer needs are identified, information dissemination across the functional disciplines becomes a very important task for the organisation
Discontinuous innovations pose more risk because they involve more uncertainty
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Issues in Innovation
Benefits and risks from innovationPublic perception of benefits and
risksPublic opinion, prejudice and new
technologiesCommunication and educationScience and Scientific uncertainty
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Issues in InnovationRisk-based vs. Hazard based
policy and legislationRisk assessmentPrecautionary principleProportionality principleIntegration of risk and benefit
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Conceptual approaches for risk
Risk is part of any human effort.The word Risk is derived from
Italian word “RISICARE”, which means “to dare”.
The risk is not an option, but we are permanently exposed to risk in everyday life, what is really important is that each time, to gain control over it
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Features of Risk
Possibility of obtaining favourable or unfavourable results in a future action expressed in terms of probabilities
Possible future event whose production could cause some losses It is threat that an event or action to affect in a negative manner
the capacity of an organization to achieve its planned goals Some concepts about risk are focussed only on negative events,
while others take into account all variables, both threats and opportunities
Achieving the expected result of an activity is under the influence of random factors that accompany it in all stages of its development
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Features of Risk
It is a problem which has not yet occurred but can occur in the future, threatening the achievement of agreed outcomes.
It is uncertainty in obtaining expected results and should be treated as a combination of probability and impact
The probability of risk occurrence and its impact on the results contribute to establish the risk value
It is permanent reality, an inherent phenomenon that accomplishes all activities and actions of an organization
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Integrated Approach to risk
Integrated risk management process is designed and set by managment and implemented by staff within the organization
The process is not linear COSO – Committee of Sponsoring Organization of the
Treadway Commission (COSO) is a joint initiative of the five private sector organizations listed on the left and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence
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Factors influencing economic effectiveness
Enhance Product Value
Enhance Product Utility
Reduce Prices
Reduce Production Cost
Enhances demand and Choice
Overcome competition
Enhances economic growth
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Post Implementation Analysis Of Innovation ProjectsPIR – Post Implementation Review
◦Analysis of Projects post implementation and simulation.
Important Questions to Answer in PIR◦Did the project fully solve the problem
that it was designed to address?◦Can we take things further and deliver
even bigger benefits◦What lessons did we learn that we can
apply to bigger future projects?
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PIR When to review◦ When the members of the project team
remember the most. ◦ shortly after the project has been delivered ◦ when most of the problems have been ironed-out.
Tips to conduct PIR◦ Ask for openness◦ Be objective◦ Document Success◦ Look for hindsight◦ Be future-focussed◦ Look at both positives and negatives
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PIR - What to reviewGap Analysis
◦Review the project charter to evaluate how closely the project results match the original objectives
◦Review the expected deliverables and ensure either that these have been delivered to an acceptable level of quality or that an acceptable substitute is in place
◦If there are any gaps, how can those be closed
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PIR - What to reviewProject Goals
◦ Is deliverable functioning as expected◦Are error rates low enough, and is it fit for
purpose◦ Is it functioning well, n in a way that will adjust to
future operating demands◦Are users adequate trained, Skilled and supported◦Are necessary controls and systems in place.◦Routine activities needed to support the project’s
success◦How does end result compare with the original
project plan, in terms of quality, schedule and budget?
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PIR - What to reviewStakeholders
◦Were the end users met◦Is the project sponsor satisfied◦What are the effects on the clients or
end user◦How can dissatisfaction be
addressed?
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PIR - What to reviewProject’s Costs and Benefits
◦ Final costs◦ Cost to operate the solution◦ Cost to support the solution◦ Compare costs with the benefits
Report Findings and Suggestions◦ What have you learned from this review◦ Do you need corrective activity to get benefits
you want◦ What lessons have you learned that need to be
carried forward to future projects◦ Does this project naturally lead on to future
projects, which will build on the success and benefits already achieved
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PIR – How to reviewDefine the scope of the review
beforehandReview key documentsConsider using independent
reviewersUse appropriate data collectionsDeliver appropriate reportsPresent recommendations
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Phases of Project ManagementProject strategy and Business
casePreparationDesignDevelopment and testingTraining and Business readinessSupport and Benefits realizationProject close
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Preparation Phase:◦Complete high level WBS – Work
Breakdown Structure◦Determine the project’s high level plan
at the milestone level◦Identify and recruit project members◦Produce the Project Initiation Document◦Select third parties to use in the early
project phases◦Put actions in place to secure key
resources
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Training and Business readiness Phase◦Train users◦Put in place ongoing project◦Transfer data to new systems◦Identify what’s required for the
project to be effective from the launch date and ensure that you adequately address this.
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Project Close Phase◦Complete and store documentation◦Carry out a PIR ◦Use your business connections to
reassign project team members to appropriate roles in the organization
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Project Management ProcessesPhase ManagementPlanningControlTeam ManagementCommunicationProcurementIntegration
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Intellectual Property in InnovationIPR
◦Are the rights given to persons over the creations of their minds
Importance of IPR
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Tools of IPR CopyrightPatentTrademarkIndustrial DesignsGeographical Indication (GI)
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National Innovation Act of 2008
GATT ITO
WTO
TRIPS n TRIMS IPR
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