BSBMGT608 Manage Innovation and Continuous Improvement

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BSBMGT608 Manage innovation and
continuous improvement
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Table of Contents
Assessment 1...................................................................................................................................4
Question1.........................................................................................................................................4
A) Cost benefit analysis...............................................................................................................4
B) Steps of cost-benefit analysis..................................................................................................4
C) Methods and strategies...........................................................................................................4
Question 2........................................................................................................................................4
A) Advantages of innovative work environment.........................................................................4
B) Activities to improve innovation............................................................................................5
Question 3........................................................................................................................................5
Question 4........................................................................................................................................6
Question 5........................................................................................................................................6
A) Benefits of organizational learning........................................................................................6
B) Learning principles.................................................................................................................7
C) Develop learning organization................................................................................................8
Question 6........................................................................................................................................8
Question 7........................................................................................................................................8
Question 8........................................................................................................................................8
Question 9........................................................................................................................................9
Question 10......................................................................................................................................9
Question 11......................................................................................................................................9
Question 12....................................................................................................................................10
A) Importance of accepting failure............................................................................................10
B) Ideas of celebrating success..................................................................................................10
Assessment 2.................................................................................................................................10
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Part A.............................................................................................................................................10
A) Internal and external system.................................................................................................10
B) Analyse the systems and process..........................................................................................10
C) Measures, tools and evaluation with suggestions.................................................................10
D) Variances from plans............................................................................................................11
E) Trends relevant to the organization.......................................................................................11
F) Identify missed opportunities................................................................................................11
G) Action plan for implementing..............................................................................................11
H) Advices.................................................................................................................................11
Part B.............................................................................................................................................11
Part C.............................................................................................................................................12
Action plan.................................................................................................................................12
Contingency plan for issues.......................................................................................................12
Review.......................................................................................................................................12
Restructure of plan.....................................................................................................................12
Cost and benefit.........................................................................................................................12
Evaluation..................................................................................................................................12
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Assessment 1
Question1
A) Cost benefit analysis
It is a systematic approach of estimating the strength and weaknesses of different factors
associated with the financial practice. It is productive way to deal with oversee surveying the
qualities and deficiencies of choices used to pick choices which give the best way to deal with
oversee accomplishing benefits while guaranteeing store saves. It also helps in analyzing the
decisions and their impact on the cost aspects.
B) Steps of cost-benefit analysis.
There are various stages of cost benefit analysis that need to be referred accurately by the
businesses in order to have better accomplishment of goals. Project goals and objectives must be
framed at the initial level to meet the goals. Alternatives also need to be identified in accurate
manner to maintain the standards. Listing the stakeholders facilitate to understand the key values
associated with the practice (Tidd and Bessant, 2018). Choosing the metrics to have an
application of strategy is also a critical aspect that needs to be referred accurately by the business
firm. Determination of the outcomes in regard to benefits and cost are also need to be analyzed
accurately. Use of common currency is also a major that can facilitate the entity to meet the
goals. Discount rate also needs to be analyzed properly so that decision making values can be
promoted. Present value of project also needs to be understood accurately by the business firm.
Sensitivity analysis also necessary to consider before taking a final decision making for accurate
development (Noe et al. 2017).
C) Methods and strategies
 Company need to consider the cost benefit analysis accurately
 Limitations of the cost benefit analysis must be evaluated.
 Complete identification of risk is also essential for company to refer.
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Question 2
A) Advantages of innovative work environment
One of the upsides of an inventive workplace is using space to produce effectiveness and laborer
satisfaction while at work. Inventive workplaces have continuously useful operators, as appeared
by Dr. D.J.M. van der Voordt, of Delft University of Technology in the Netherlands. Van der
Voordt, maker of "Costs and Benefits of Innovative Workplace Design," demonstrates
administrators who have a charming, famous work space will manage talking be determinedly
useful (Stamp, 2017). A creative workplace has a general frame of mind that rouses authorities to
share considerations, conceptualize, trade with adornments or structure outlines that are odd.
Problems at the workplace can also be resolved accurately and improve the overall productivity
of the business. Competitive advantage can be gained over the rivals that also boost opportunities
for business firm.
B) Activities to improve innovation
It is necessary for business firm to empower the workforce so that accurate development of
measures can be valued. By having an accurate development of the engagement practice the
business firm can easily enhance the opportunities and the innovation at the workplace. It is also
essential for entity to rethink on the competition and reframe the strategies. Creative thinking
needs to be promoted by business entity to accomplish the goals. It is also necessary to reframe
the policies and bring change in the practice so that innovation within work place can be
advanced (Carayannis et al. 2015). Diversity is also need to be encouraged so that corrective
measures can be valued and accomplish the goals in desired manner. By having a proper
understanding of the cultural values the business entity can easily implement the innovation at
the workplace. Incorporations of the sprints are also essential to refer by the management so that
accurate development in terms of innovation can be promoted.
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Question 3
There are various reasons behind the negative viewpoint. It is because the employees are not
ready to accept the change. It means the employees are having resistance of change practice. It
has influenced the working in diverse manner. Another reason behind the negative reaction was
that proper planning was not being considered by the Annathought. It has also created confusion
among customers and impacted the overall practice in negative manner. Due to personal benefits
the Annathought has suggested the change that has also impacted the perception of members in
negative manner. It has influenced the work practice in negative way and created issue for
business (Altuna et al. 2015). Need of change is also not being communicated properly that has
also created issue for the business firm in negative manner. It has influenced the work practice in
diverse manner and affected the working in diverse manner.
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Question 4
Total quality management is a practice that is being adopted by businesses to have improvement
in the practice. Quality measures can be advanced accurately by the application of TQM and it
assist in meeting the values. It is an outline of the board subject to the standard that each
individual from staff must be established on keeping up best in class requirements for work in
each bit of an association's activities. All around quality association wires alliance wide
endeavors to "present and make endless condition where authorities dependably improve their
capacity to give on interest things and affiliations that clients will discover of unequivocal
respect (Mir et al. 2016). It has been witnessed that there are various advantages of using the
TQM practice. It allows boosting the quality measures within organization and assisting in
meeting the goals. Work productivity and performance aspects can also be boosted accurately by
having a proper consideration of the management quality control system. Cost reduction benefits
can also be attained by the business firm so that accurate sustainability can be valued. Employee
morale can also be boosted to motivate them for work in quality manner. Standard working
practice can also be boosted accurately to meet the opportunities and ensure about the
sustainability (Basyuk et al. 2016).
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Question 5
A) Benefits of organizational learning
There are number of benefits that a business firm can attain through organizational learning.
Innovation practice can be promoted by business entity so that sustainable values. It has been
witnessed that precisely when examinations are invited similarly as animated, all the moreover
conceptualizing, continuously sorted out effort, and logically proactive not responsive activities
start to achieve movement's ears, changing innovative considerations into productive reality.
Getting sharing no scene that the majority of the five spines of a learning connection pivot data
(Schaltegger and Wagner, 2017). Giving the vast majority of your operators access to the
substance they need lets them thoroughly comprehend corporate inconveniences and objectives,
guaranteeing everybody's on a similar wavelength and having an impact in progression. It has
been witnessed that the company can also have promotion of the problem closing practice
through effective consideration of learning.
B) Learning principles
Principle Meaning
Shared vision It is necessary for entity to have proper sharing of vision with the
members so that practice accomplishment can be taken into
account. Use of measures is being referred properly by the
managers to accomplish objectives.
Mental model Mental models are the course toward revealing and testing our own
one of kind remarkable inquiries concerning people and the world.
This support "trades that equality deals and sponsorship, where
people reveal their own one of a kind remarkable thinking enough
and make that thinking open with the effect of others (Brajer-
Marczak, 2016).
Personal mastery It is also essential to have consideration of personal development
measures so that practice standards can be valued. It will facilitate
in meeting the standards and lead entity to impressive level of
success.
Team learning Team learning means the organization need to promote the team
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work practice. Key values related to the team learning also need to
be promoted adequately so that sustainable aspects are being
advanced. If organization is not having promotion of the team
learning then the business firm cannot have continuous
improvement in the practice (Zellner et al. 2015).
systems thinking Structures enduring are the general speculative framework or
viewpoint of the learning collusion. It is a point of mixing those
powers the relationship to confide in it to be fairly a more critical
structure as opposed to a segregated animal. Accordingly, outside
forces and impacts must be considered in making whole course of
action basic methodologies
C) Develop learning organization
There are diverse ways to develop the learning organization such as formation of training and
development program can be beneficial. It will assist in meeting the values accurately so that
opportunities can be attained accurately. Recognition of the learning practice is also necessary to
refer accurately by the business firm (Talukder, 2016). Getting feedback is also a practice that
assists in meeting the values. It also helps in understanding the key measures and take decision
making accurately. Development of knowledge and information can be attained properly by
having a sharing of the formal process. It facilitates to meet the opportunities accurately and
assist in meeting the goals.
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Question 6
It is essential to have consideration of risk management practice because it assists in meeting the
values. It helps in identification of risk accurately and ensures that the business firm is having an
accurate development. Hazard is the essential driver of shortcoming in any connection. Thusly,
affiliations progressively base more on seeing dangers and overseeing them before they even
effect the business. The capacity to direct hazard will empower relationship to act much more
definitely on future business choices (Pisano, 2015). Their comprehension into the risks they are
facing will give them different choices on the best way to deal with administer potential issues.
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Question 7
If business firm is not having an accurate understanding of the risk then financial performance
issues might be faced. Financial risk can affect the performance of entity negatively. Issues in
context to the project failure are also being faced by the business if risk management is not
accurate. Moreover, brand image due to failure of project might get affected in negative manner.
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Question 8
One of key reason is that monitoring the sustainability the decision making process effectiveness
might get improved. It facilitates to accomplish the values accurately. Companies are also
focused towards monitoring the sustainability because they want to accomplish the better growth
and monitoring allows ensuring about the changes accurate. Retaining the staff is also a reason
that business firms are focused towards monitoring the sustainability (Tarhini et al. 2015). Stake
holder’s relation can also be improved accurately because the business firm can boost the
opportunities accurately.
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