Innovation_Quizes

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Rutgers University *

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Apr 3, 2024

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Quiz 1 1).The authors provide 5 examples of the dimensions of innovation for a manufacturing company including: Increased marketing, new inventions, and process innovation New services, new products, and increased market share Business Model Innovation, new products, and process innovation Process innovation, new products, and increased marketing initiatives2). The cognitive skill to manage and assimilate the 4 behavioral skills of the Disruptive Innovator is association thinking. True False 3).The Innovator's DNA for generating innovative ideas are: Forming, Storming, Norming, and Performing Analyzing, Planning, Detail-Oriented Implementing, and Duisciplined Executing Questioning, Observing, Networking and Experimenting Observing, Questioning, Experimenting, and Implementing, 4). Typically, the dimensions of innovation in the service sector are not different than those of the manufacturing sector. Group of answer choices True False

5). The ranking in order from decreasing to increasing innovation investments is: Group of answer choices Disruptive Innovations, Open Innovations, and Closed Innovations Breakthrough Innovations, Radical Innovations, and Incremental Innovations Incremental Innovations, Breakthrough Innovations, and Radical Innovations, Radical Innovations, Breakthrough Innovations, and Incremental Innovation 6). Over the past 20 years greater innovation research has been Closed Innovation, AKA Skunk Works. Group of answer choices True False Quiz #2 1). To successfully design organizations, strategies, business models, processes, and projects, a company must take into account the 6 Business Model Design Techniques of Customer Insights, Ideation, Visual Thinking, Prototyping, Storytelling, and Scenarios. Which of the following companies utilizes all 6 in their innovations? Walt Disney Proctor & Gamble

Rutgers University Locheed Martin 2). R&D intensity & frequency of new products is positively associated with profitability. True False 3). Lockheed Martin's Skunk Works is an example of an open innovation model. True False 4). According to the Law of Diminishing Innovation, the order of increasing market share follows these groups in terms of adapting to new innovations: Laggards, Late Majority, Early Majority, Early Adopters, and Innovators Innovators, Early Adopters, Early Majority, Late Majority, and Laggards Researchers, Experimenters, Early Adopters, Majority, and Laggards Generation Y, Generation Z, Generation X, and the Boomers 5). The term "Open Innovation" means that companies should look outside their own organization for innovative ideas and processes. This concept was popularized by: Michael Porter Walt Disney Albert Einstein

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Henry Chesbrough 6). A business model describes the rationale of how an organization creates, delivers, and captures value. The 9 building blocks of the business model canvas cover these four main areas of a business: Customers, Offer, Infrastructure, and Financial Viability Product Development, Pricing, Marketing, and Post Sales Service Awareness, Evaluation, Purchase, and Delivery Pricing, Marketing, Sales, and Service Quiz 3 Question 1 1). What is meant by Feature Fatigue When further improvements in a feature are no longer increase customer satisfaction When a delighter feature is copied by competitors When further improvement in a feature become difficult to achieve with current methods A customer’s reaction to an excess of features Question 2 2). What is a Blue Ocean Strategy? An innovation strategy that offers a new value proposition An entirely new strategy for the organization

An extremely radical idea A strategy that still needs to be proven in practice Question 3 3). A diverse business model innovation team should have members with: All answers are correct. Different generations Different cultural backgrounds Different areas of expertise Differing levels of seniority Question 4 4). How does attribute association improve a product? By considering how to modify, subtract, multiply, divide, or unify attributes. By considering how make products more attractive using industrial design By considering how to modify, subtract, multiply, divide, or reject attributes By considering how to make products cheaper Question 5 5). What are the behavioral skills evidenced by Disruptive Innovators? Questioning, Observing, Networking, and Experimenting Planning, Doing, Checking, and Acting

Forming, Sorming, Norming, and Performing Vision, Alignment, Organizing, and Executing Question 6 6). Which of the following best describes tacit knowledge? Knowledge, which is hard to articulate, hard to share, and hard to document Knowledge which is easy to articulate, easy to share, and easy to document Knowledge which is hard to articulate, hard to share, and easy to document Knowledge which has been forgotten long ago Quiz 4 Question 1 1). What is meant by Group Think? A counterproductive desire for conformity in a group The improved motivation from working in a group The tendency for groups to debate for too long The improved accuracy that comes from diverse inputs Question 2 2). Discounted Cash Flow is a financial theory that incorporates the time value of money, or present value analysis.

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True False Question 3 3). Which of these can be used to obtain an approximate measure of return on investment? The Opportunity score multiplied by the Feasibility score The Opportunity score The Feasibility score The Opportunity score divided the Feasibility score The sum of Opportunity and Feasibility scores Question 4 4). Variable costs are expenses that are uniform per unit of output within a relevant time frame, yet total variable costs fluctuate in direct proportion to the output volume. True False Question 5 5). What is meant by Anchoring in the context of decision making? The tendency for an estimate to be biased by a suggested example The reduction of bias by previous knowledge

How an estimate made by a group is made more accurate by the members’ knowledge The placing of agreed boundaries on an estimation process Question 6 6). If the yearly cost of money is 15% what is the discount factor for income after 3 years? 0.66 0.84 0.45 0.71 Quiz #5 Question 1 1). What are the elements of the Project Management triangle? Cost, Specification, Time Cost, Time, Risk Staff, Customers, Management Staff, Specification, Uncertainty Question 2 2). According to Dan Pink, the three factors driving motivation are: Autonomy, mastery, and purpose Money, power, and control

Mastery, money, and control Intrinsic, Extrinsic, and Pro-social Question 3 3). Which of these factors is more problematic in open innovation projects than in subcontract or acquisition situations? Ownership of Intellectual Property Rights Crisis management Clarity of responsibilities Question 4 4). Motivation is defined as the psychological forces that determine the direction of a person’s behavior in an organization. They are: Direction, Effort, and Persistence Interests, Rights, and Power Cost, Time, and Risk "Do or Do Not - There is No Try" Question 5 5). Project managers should keep contact with influential senior managers who are not immediately involved with the project because: They can become hostile if the project develops so as to affect their interests.

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They may be useful allies if the project gets into difficulties. They may seek to divert project staff to other tasks They be useful sources of advice. Question 6 6). Top leaders and founders often express cultural sentiments within the public domain, either intentionally or unintentionally. Such statements can provide important clues to how these leaders are thinking about and leading their organizations’ cultures. True False Quiz #6 1) Which of these is an advantage of using the number of patents as a measure of innovation? Data on competitors is readily available Patents measure truly original ideas Patents are clearly identified with the inventors and so can be used as a clear basis for rewards Every new idea is valuable 2). Which type of team would probably be best for developing a radical innovation? A skunk-works (autonomous) team A cross-functional team based in headquarters

A functional team from marketing A cross-functional virtual team 3). What is the key deficiency of R&D expenditure as a measure of Innovation capability? It is a measure of input, not results It does not measure the quality of the work done Accurate figures are seldom available It measures only the technical side of innovation 4). The order of groups that adapt to new innovations are: Innovators, Early Adopters, Early Majority, Late Majority, and Laggards Researchers, Experimenters, Early Adopters, Majority, and Laggards Laggards, Late Majority, Early Majority, Early Adopters, and Innovators Generation X, Millenials, Centennials, and GEN Z 5). Which phases did Tuckman identify that every high-performance team must go through? Forming; storming; norming; and performing Forming; testing; norming; and performing Forming; storming; norming; and mastering Forming; norming; storming; and performing

6). Percentage of sales from new products is one possible measure of innovation. Which of the following is the key advantage of this measure? It is a measure of innovation output New products are the most important form of innovation New products are motivational for the sales force Higher managers readily identify with it

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