Answered: In a dynamic and complex world,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Related questions

Question

In a dynamic and complex world, managers must plan for effective innovation What would be the top factors in managing technology forecasting?

Expert Solution

Step 1

Managers must prepare for successful innovation, it is true. Because it offers various advantages, including lower costs and higher morale. By incorporating innovation into their strategy, contextualizing innovation, and developing an innovation culture, managers may learn how to adapt, evolve, and grow. This allows businesses to take use of new business methods, modes, systems, and processes in order to accomplish their intended core business results. Other advantages of effective planning include:

Achieve your business's growth objectives and increase your bottom line.
Increase the worth of the company to make it more appealing to investors, mergers, and acquisitions.
Profitability is increased through increasing production and efficiency.
Increase market share and product lifecycles by effectively competing.
Customers' empathy, advocacy, and retention will all improve.
Respond swiftly by building internal capabilities in both people and technological resources to alter course and try new things.