Task 1-BSBSTR801

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Unicom College of Business Studies, Rustam, Mardam *

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BSB41419

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Management

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Nov 24, 2024

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Assessment Task 1: Written Questions(Knowledge Questions) Name – Amritpal Singh ID- TR181274 Amritpal singh BSBSTR801 11/11/2022

In 50 words, explain the importance of organisational innovation? Answer Innovation is essential for the growth of the organization. It allows the employees to create and implement novel strategies and ideas to make the things more dynamic and adaptable according to the competitive market. It fosters the growth of the organization so that it can achieve success with the enhancement in the performance, productivity and implementation on innovative business models. In 50 words, explain why it’s important to review the theories and concepts for managing and implementing innovation? Amritpal singh BSBSTR801 11/11/2022

Answer Theories and Concepts are essential to review as it helps the organization to reach at new success and acquire the growth in the competitive market. It helps in balancing the risks and opportunities within organization so that company can take more benefits. These theories help in understanding the problems that are existing in the company so that they can resolve it quickly and improve the performance. 3. In 100 words, provide an outline of the Diffusion of Innovation model and discuss how if can be apply in practice. Answer: This theory helps the organization to aware about the strategies that is adopted by customers to use the new products and they engage with innovative ideas and technologies with the passage of time. It can be practiced by employees to analyse the choice of customers and trends that consumers are expecting. Also employees also need to have communication from different channels. 4. In 100 words, summarise the TRIZ (The Theory of Inventive Problem Solving) and discuss its benefits when implementing innovation. This theory is next evolutionary step in developing and organising as well as having a systematic approach to problem solving. The main features of this theory is that it help organization to undertake use of technology which helps in fostering invention for project team. This helps in offering data one similar past of project which help organization to find new path forward. The main advantage which lies of with this theory is that it helps in removing resilience on change and Amritpal singh BSBSTR801 11/11/2022

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offers and systematic approach through which challenging problems can be evolved with the help of taking use of strategies as well as tools. 5. In order to generate creative or innovative thinking, what are the tools or techniques that can be used? List five (5) and briefly explain each. 100 words. There are different tools and techniques to generate creativity and innovative thinking tools like brainstorming , that helps in generating many creative and radical ideas, brain writing, which enable a person to share the creative ideas, star bursting, which helps in understanding new ideas with the help of brainstorming question. Online brainstorming , help people to take use of technology to harness ideas, and Crawford’s slip writing method, helps a person to generate ideas as well as a solution from different contributors. These methods are allowing people to develop innovative as well creative thinking in an advanced way. 6. In 100 words, discuss what influences organizations to implement innovation? List at least two (2) and explain each. Adapt and overcome the challenges The world is changing in a faster way and the advancement of technology and tools is making dynamic shifting demands of consumers ( Dressler, 2022 ). This generates organization needs to implement innovation. With the help of adopting innovation organization can foster growth and can fulfill economic as well as Amritpal singh BSBSTR801 11/11/2022

financial objectives. There are different challenges that can suddenly disrupt the business activities for example Covid-19. In this innovation help business to adapt and overcome the challenges and effective manner. It separates businesses from their competition The competitive rivalry in business industry is dynamically enhanced. Rivals are taking hues of aggressive competitive strategies as well as practices to attract large and large number of consumers. In addition to this, it has been underlined that consumers needs and demands are also changing on a continuous rate which enhances the need for organization to implement innovation ( Saraswati, Pristiyono&Harahap, 2022 ). This will not only help companies to fulfil consumers their needs and demands but also helps to make them different from the rivals in the industry. This will automatically help in enhancing overall growth and performance of company in industry. 7. Provide at least five (5) issues that may impact or hinder innovative thinking and creativity. Briefly explain each. 250 words. Lack of leadership Lack of leadership affects in implementing innovative thinking and creativity. For an organization leadership plays important role in which leaders encourage employees towards better thinking. This helps them to think in an effective way which provide them support and guidance on equal basis. Lack of leadership affects ability of individual to understand the things and create confusion in their mind which affects their innovative thinking and creativity approach and further hinder there process of learning things. Amritpal singh BSBSTR801 11/11/2022

Fear Fear affects confidence and self learning ability of an individual, innovation requires a person to be free from any over thinking in which it is essential for organizations to emphasise on the fact that people in the workplace does not have fear of failure as fear affects people to bring new ideas on the table and except failing which is an important part of progress, learning and development. This affects individuals ability to assure learning and affected their creativity thinking. Lack of resource/capacity To have innovative and creativity thinking proper resources and capacity plays crucial role. Lack of resources in capacity not only hinders the learning process but also affect the investments on creativity thinking approach. It is essential for organization to make sure that they have proper budget and have expenditure on resources to encourage creativity and innovation in the organisational workplace structure, as in-efficiency of this can affect the whole innovative and tickle thinking process in an adverse way. Lack of collaboration In-effective or no collaboration have higher tendency which affects the overall process of innovation and creative thinking. Lack of focus Focus plays important role which helps a person to take use of their critical thinking ability to learn new things take risk and make them distracted from other aspects that can affect their learning process. Lack of focus make people Amritpal singh BSBSTR801 11/11/2022

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distracted from new ideas and hinder their process of learning things which affects the process of innovative thinking as well as learning. 8. Managers and/or leaders have distinct leadership styles. Provide at least 3 leadership styles and briefly explain each. 100 words. Answer: In organization different leadership styles are used by leaders to implement the changes and organize the tasks and staff. Following are three leadership styles : Democratic Leadership: It is also called participative leadership in which all group or staff members are encouraged to take part in the decision-making process ( Fries, Kammerlander&Leitterstorf, 2021 ). All members equally and openly participate in the process to share unique ideas among others. Leader can control and guide the members discussion and decides who will take part in the discussion or not. Autocratic : It is also known as authoritarian leadership in which the control of leader is more over the decisions and little involvement of group members ( Nangia& Arora, 2021 ). They made choice and decision according to their own idea and judgement rather than taking advice from followers . Laissez-Faire: In this leaders take use of trust as well as reliance in order to manage workforce. Addition to this, it allow leaders to have relaxed workplace culture, accountability and motivating and creative work culture for employees. Amritpal singh BSBSTR801 11/11/2022

9. In 50 words, explain what knowledge transfer is and list at least 5 ways to implement it. The term knowledge transfer means to share ideas, knowledge and experience with other employees in the organization. This knowledge can be explicit or tacit. Explicit knowledge can be easily transferred whereas tacit knowledge contains issues that is why it is difficult to transfer. Following are five ways to transfer knowledge:  mentoring and coaching  webinars  blogs  Moodle sites  intranet portals  social media platforms. 10. How do you identify the requirements in promoting sustainable and innovative activities in organisation? Provide at least five (5) examples 100 words Sustainable and innovative activities is essential for organization growth as well as its performance in any industry. It is essential for company to focus on the requirements in order to promote sustainable and innovative activities in the Amritpal singh BSBSTR801 11/11/2022

workplace culture. The 5 things which plays important role is inclusive of ensuring support of senior leader and develop collaborative workplace culture to have clear strategic partnership. The collaboration helps in creating value for organization which helps them to have sustainable and innovative activities in organization. The other thing which is important is to have understanding of important points in introducing the process for collaboration and innovative thinking . This helps in adding value adding partnership which plays essential role in accomplishing measures. The other thing which help organization is providing training this helps in increasing knowledge, skills and technical knowledge of workers . The other thing is related to developing pro-partnering culture. This not only helps in developing partnership but also provide freedom to be creative and innovative that helps organization to have sustainable and innovative activities in organization. The other thing which plays important role for company is undertaking proper audit to evaluate the process and encourage collaboration and teamwork. 11. Discuss the importance of risk management in relation to managing and implementing innovation. Provide at least five (5) ways on how to reduce risks. 75 words. This fact cannot be denied that risk is invertible and can happened in anytime at any place. With the help of risk management organization can make everyone aware about the importance of managing risk and helps in enabling success of project. It also helps in reducing unexpected events and major losses. It also helps Amritpal singh BSBSTR801 11/11/2022

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in creating financial benefits and save time as well as efforts. With the help of risk management companies can improve communication and can identify the factors that can affect their project. There are different ways to reduce risk in which the first method is avoidance, retention, spreading loss in prevention and reduction and transferring the risk with the help of insurance and contracts. 12. Describe the internal and external factors that impact innovation and discuss each. 100 words Answer: Following are internal and external factors that impact on the innovation in business: Internal Factors: These are both tangible or intangible factors within the control organization that put impact on its functionality and performance ( Sánchez- Sellero&Bataineh, 2022 ). If any of these factors give positive outcomes then it will show the strength of the company else comes under the weakness  Human Resource  Financial and Marketing Resources  Management Policies  Firm size  Quality and size of Infrastructure  Policies of company Amritpal singh BSBSTR801 11/11/2022

External Factors : These are outside sources that put either negative or positive impact on the growth of the company ( Chatterjee, Chaudhuri &Vrontis, 2021 ). It comprised of both micro and macro factors. These  Market Structure  Competitors  Customers  Economic  Political  Social and Cultural  Technology 13. In 100 words, discuss at least three (3) effective method to promote innovative practices and processes. Discuss each. (KE 6) There are different methods which helps in promoting innovative practices as well as process such as embracing failure, dedicating the right resources, having employees to have open innovative and creative approach, considering offering incentives and providing training to employees and engaging them in decision making process. This will significantly help in promoting innovative practices. In this with the help of taking use of 3 methods such as providing training, providing incentives and embracing failure will help organization to promote innovative practices and process. Amritpal singh BSBSTR801 11/11/2022

14. Outline at least four (4) strategies that can be applied to foster communication . Answer: Following are the strategies that Strategies that can be used for fostering communication:  Be transparent in communication  Organised meetings that are scheduled and not informal for important decisions where people are unavailable or out of office  Engage people in conversations  Create a knowledge base of information  Use technology to enable information gathering and sharing. 15. In 25 words, list five (5) ways to promote a consultative team culture. Consultative team is mainly a culture in which focusing on different working languages, culture and is also emphasised which helps in creating to successfully address every element of cultural change. In order to promote this I will take use of communicating core values of the organization sharing expectation of workers to treat other. Along with this, transparency, open communication and respect will help to promote a consultative team culture. In addition to this with the help of honouring diversity and inclusion, creating a team oriented organization and encouraging informal team meetings consultative team culture will be created. Amritpal singh BSBSTR801 11/11/2022

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16. As a leader or manager, how do you promote a workplace culture to support/foster innovation? List five (5). 20 words. As a leader workplace culture plays important role as it not only helps in enhancing performance and productivity of workers but it also plays crucial role organization to assure success with the help of leading by example, I will create a workplace culture which helps in fostering innovation. In addition to this the other strategy is building employee-first management style as well as employee engagement. In this I will engage each and every employee in the decision making to implement innovation. The other strategy is connecting with employees with the help of communication and feedback mechanism to encourage the feeling of satisfaction among them. Addition to this with the help of collecting feedback on employee empowerment and taking use of encouraging open communication I will make sure to promote a positive workplace culture that will help in fostering innovation in a well defined and effective manner . 17. In 100 words, describe at least three (3) strategies that can be used to support innovation. Answer: There is need to support the innovation in the company to make it competitive. Following are the strategies that helps in making the innovative: Using technologies and creative thinking : By using technology employees can create the innovative projects and creative thinking allows them to make it unique. It will enhance their knowledge and makes them more creative so that they create advance project. Amritpal singh BSBSTR801 11/11/2022

Rewarding Ideas : Employer should have to reward the employees that encourage them to create more innovative ideas. Encourage risk taking : Innovation strategies make the employees to take more risks and complete the tasks so that they can show their talent and make the project more innovative. 18. Describe five (5) strategies that can be used to integrate innovation Answer Following are the five strategies that can be used by organization to integrate the innovation:  Create an action plan with list of activities along with schedule and responsibility  Arrange meetings that which comprised of innovative agendas  Provide training to mentor and coach the employees for their development.  Set up workshops for the staff training  Create communication and consultation plans for discussion  Performance indicators are used to enhance the performance of the company. Amritpal singh BSBSTR801 11/11/2022

19. In 100 words, list five (5) barriers and risks to innovation and mitigation strategies and describe each. There are different barriers that restrict change in organizations Understanding among workplace create the fear of unknown in which it is essential for organization to make sure that each and every employee is engaged and involved in the decision-making process as it helps in overcoming the lack of confidence and the fear. Employees resist change and innovation as it affects the day today working habits. This needs organization to make sure that they provide adequate support guidance to employees to embrace changes and innovation. Innovation and mitigation strategy affects the job security feeling among employees, in this it is essential for company to make sure that they provide job satisfaction among the workers in order to provide them guidance on implementing innovation and mitigation strategies. A proper process of implementing innovation mitigation strategy is needed with the help of engaging employees. Along with this different communication channels need to be assured in order to develop collaborative relationship. Teamwork is also essential to assure successful accomplishment of overall goals. 20. Explain the importance of Risk Management Plan and provide the five (5) steps in developing a risk management plan. Amritpal singh BSBSTR801 11/11/2022

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It is the plan that allows the organization to manage the risks efficiently so that negative impacts of these risks would be reduced. It will also increase the chance of new prospects or opportunities in the organization. It is the tool of process with the help of which an organization quickly identifies the emerging issues and the risks that may occur from it so that all the barriers would be eliminated from achieving the success in the project. It prepares the company to manage the financial risks, save the resources such as labour, assets, capital etc. and maintain the reputable position in the market. Steps in developing a risk management plan 1. Identification of risk 2. Probability of risk occurrence 3. What and how will it put impact on the business? 4. How much these risks can be reduced or eliminated? 5. Who will be involved in taking risks and what kind of strategies they can adopt to remove the risks.? Amritpal singh BSBSTR801 11/11/2022

Amritpal singh BSBSTR801 11/11/2022

References Chatterjee, S., Chaudhuri, R., &Vrontis, D. (2021). Does data-driven culture impact innovation and performance of a firm? An empirical examination. Annals of Operations Research , 1-26. Dressler, M. (2022). Innovation management in wine business–Need to address front-end, back-end, or both?. Wine Business Journal , 31770. Fries, A., Kammerlander, N., &Leitterstorf, M. (2021). Leadership styles and leadership behaviors in family firms: A systematic literature review. Journal of Family Business Strategy , 12 (1), 100374. Nangia, R., & Arora, R. (2021). Critical Study of Leadership Styles in Handling COVID-19 Crisis. Border Crossing , 11 (2), 117-133. Sánchez-Sellero, P., &Bataineh, M. J. (2022). How R&D cooperation, R&D expenditures, public funds and R&D intensity affect green innovation?. Technology Analysis & Strategic Management , 34 (9), 1095-1108. Saraswati, D. R., Pristiyono, P., &Harahap, A. (2022). the effect of business model innovation and entrepreneurship orientation on msmess performance through business agility moderated financial literature. Quantitative Economics and Management Studies , 3 (4), 498- 507. Amritpal singh BSBSTR801 11/11/2022

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