Importance of Innovation in Engineering Management

Running head: ENGINEERING MANAGEMENT
Engineering Management
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1ENGINEERING MANAGEMENT
Executive summary
The following report is prepared to present a thesis on the importance of innovation in the
field pf engineering management. The report further discusses about the origin of the term
innovation and its various consequences that are faced. The concept of Big blue ocean in
innovation is also discussed in the report. The last part of the report focuses on the use of
technology in building up a strategy for innovation.

2ENGINEERING MANAGEMENT
Table of Contents
Introduction:...............................................................................................................................3
Discussion..................................................................................................................................3
Background................................................................................................................................3
a. Existence of innovation:..................................................................................................3
b. Meaning of innovation:...................................................................................................3
a. Etymological origin of the word innovation:..................................................................4
b. Examples of being innovative:........................................................................................4
Importance of innovation...........................................................................................................4
a. The consequences of not innovate:.................................................................................4
b. The consequences of innovate:.......................................................................................5
Types of innovation....................................................................................................................5
The Big Blue Ocean...................................................................................................................6
Types of ocean:......................................................................................................................6
How to innovate.........................................................................................................................6
Technology as an innovation strategy........................................................................................7
How to measure innovation.......................................................................................................7
a. Measure and control........................................................................................................7
Conclusion:................................................................................................................................7
References:.................................................................................................................................8