BSBSTR801 Lead Innovative Thinking and Practice Assessment 1

Short answer questions (explain with examples wherever possible)

Question 1

Compare and contrast current and past theories and thoughts on innovation.

• Developing successful innovations may never become an entirely predictable exercise, but by applying innovation theories to help demystify complex problems, innovators can surely increase their odds of success.

Question 2

Explain how theories on innovation and creativity can contribute to applied business practice.

• The componential theory of creativity is a comprehensive model of the social and psychological components necessary for an individual to produce creative work. The theory is grounded in a definition of creativity as the production of ideas or outcomes that are both novel and appropriate to some goal.

Question 3

Explain the impact of leadership style on innovation in organisation. Explain at least two specific approaches that may encourage or inhibit innovation.

• Different leadership styles have a significant impact on the performance of any How you choose to lead your team will affect employee morale, decision-making abilities, productivity.

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Question 4

Explain how creative thinking can be applied to solve current industry issues.

• Thinking creatively makes you a better problem-solver, which has far-reaching benefits in both your work and personal life. Expressive, creative thinking helps us challenge our own assumptions, discover new things about ourselves and our perspective, stay mentally sharp, and even be more optimistic.

Analyse the internal and external conditions or factors that impact on organisational innovation.

These factors include the activities of customers, competitors and suppliers; labour market, legal, regulatory, competitive and economic conditions; and the supply of technological and other types of knowledge of value to innovation.

Question 6

Outline strategies for identifying, assessing and managing risks associated with innovation.

1. et risk culture at the top. ...
2. Involve risk management in an entire innovation cycle. ...
3. Adjust risk appetite. ...
4. Develop new competencies. ...
5. Monitor risk management effectiveness

Question 7

Provide at least two examples of innovation drivers in an organisation.

Organizational strategy, organizational culture, organizational knowledge management, organizational structure, organizational learning, organizational support and business practices and the process was identified as innovation drivers at the organizational level.

Question 8

Provide at least two examples of innovation enablers in an organisation.

• Leadership vision and support
• Smart funding and entrepreneurial culture development
• Ability to develop, test, and learn – Fast
• Be sophisticated with metrics to quickly
• Refine / expand the Innovation Team
• Monetize value creation

Question 9

Explain how a right workplace culture can support innovation in an organisation.

Question 10

Discuss the common challenges and barriers to innovation within an organizational setting and outline the ways of overcome these challenges and barriers.