ICT50115 Diploma of Information Technology

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ICT50115 Assessment Task
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Assessment task 1: written questions
Q1
According to Stoneman (2016 p. 117) innovation is an idea that can replicate into an
economic cost and it has to satisfy a specific need. It can be a creative thought, a new idea or
imaginations that are translated into substantial form that has monitory value.
Q2
Innovation is mainly categorized into either incremental or radical. The difference
between the two is that radical innovation is more concerned with creating a major revolutionary
breakthrough in the market, businesses or technology to change the world whereas incremental
innovation seeks to make improvement to the existing infrastructures and systems as well as
products and services in order to make them better, faster or cheaper. Another difference is that
graphically, radical innovation indicates great leaps forwards in regard to efficiency and revenue
while incremental innovation shows tweaks that denote benefits that are more modest.
Q3
The key performance indicators are key risk indicator (KRI), critical success factor
(CSF), and performance metric. KRI measures the extent of how risky an activity being
undertaken is. It is a metric that is employed by organization to provide an early warning if the
elevation of risk exposures in all areas of the business. CSF denotes the essential elements that
an organization requires to attain a particular goal. Lastly, performance metric will measure and
monitor organizational behavior, activities and performance at the individual level.
Q4

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The importance of supplier evaluation is that the set suppliers’ performance are measured
and monitored with the aim of reducing cost of the products that is needed on a daily basis,
hence mitigating the probability of the risk involved and facilitating improvement in their
performance (Luthra et al. 2017, P. 1697). It also avails for a company visibility to supplier
performance, translating into competitive advantage, lessening risk, providing insight on how to
improve supply base and aligning practices between the supplier and the organization
management. Business would benefit from undertaking and evaluation of their supply chain
because they will have increased supplier performance visibility which would transmute into
overall company performance. It would also be a way of a business obliterating any hidden waste
and cost drivers in the sustainable procurement as it provides a clear and better channel of
communication between suppliers and customers. In addition, a business can leverage supply
base by setting thresholds for suppliers resulting into high quality outcomes.
Q5
The two performance management tools that organization use are the key performance
indicators (KPIs) and performance appraisal tools. The application of KPIs by organization
management is through providing a way to measure how well a business is performing in
relation to the strategic objectives and goals that it has set. However, the main use of KPIs is not
to measure performance but rather to enable a rich-data driven performance conversation as well
as improve the decision making of the organization. On the other hand, performance appraisals
are the commonly used performance management tools as it is mainly used to align individuals’
goals with the organization’s strategic aims.
Q6

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In a contingency plan, I would expect to find risk assessment for an organization.
Therefore, I would be expected to conduct risk assessment for an organization to identify the
unique set of risk that an organization needs to plan for. This is done through identifying the
critical operations of the business and finding out the threats that could harm the critical
operation and designing a plan to curb such threat through risk analysis and risk management.
Q7
Risk mitigation entails identifying potential risk and designing a strategic plan to manage
it. One of the risk mitigation strategies is avoidance (Yoon et al. 2018, p. 3654). One way of
employing this strategy is through cancelling the project, closing down the business or exiting a
particular market. When the risk is at acceptable level, then the best risk mitigation strategy to
apply is acceptance. Acceptance is used only when there is low estimated field failure.
Q8
The number of key drivers that are needed to foster and encourage innovation in
organizations includes strategy for innovation where articulated strategy is developed, innovation
leadership throughout the organization through support and commitment from the top
management in order for innovators to overcome barriers to change. The other driver is
establishment of a culture that is conducive to innovation by creating a work environment that
posses open communication, utilizes teamwork and encourages trust. Another driver is being risk
tolerant since innovative process come coupled up with a number of risk and a company that has
adopted a number of risk tolerant measures.
Assessment task 2: transition plan report