Assignment Innovation Management Project (IMP) The overall aim of this project i

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Assignment Innovation Management Project (IMP) The overall aim of this project is to help the organization reflect on how it manages innovation and to bring some fresh insights and perspectives. For the students it offers a way of integrating ideas and material form the course and exploring innovation management in a specific context. There is considerable flexibility in terms of clients, projects, etc. Working in groups of 4-5 students will explore a 'live' innovation management issue within an established organization. Their role will be to act as process consultants', aiming to provide insights and understanding which will facilitate management of the core issue The IMP will be assessed in part on the basis of a presentation and report to the client organization, and in part by a group and an individual report. IMP reports will include exploring innovation, executing innovations, and exploiting innovations opportunities and contributing to development of innovation strategy detailed below; innovation and all stages of the process. . Describe where and how innovation occurs. Discuss the goals and objectives of innovation. . Describe characteristics of successful innovation. . Differentiate innovation from related concepts such as creativity, discovery, and invention . Examine the history of a particular successful innovation. . Identify sources of innovation failure Explain ways to identify and clearly describe a problem where innovation could be a solution. Recognize and describe multidisciplinary and interdisciplinary aspects of a problem and identify required skills for solving it. List the steps of bringing an innovative solution to market. Identify fundamentals of intellectual property, patent, trade secrets, and/or copyright regulations for domestic and international markets. Examine existing knowledge and technology available to implement a solution. Describe and demonstrate techniques of good brainstorming toward innovative solutions Describe the connections between technological evolution, innovation, society, and the economy .

Explanation / Answer

In the context of the given question:

1. Innovation means creativity to explore and implement new ideas, processes and bring about a change in the existing systems to something better and improved. Th various stages of this process are to explore an idea, evaluate its feasibility and impact, implement it in the current scenario and upgrade changes to a new modified version of the systems.

2. Innovation can occur in any context, be it academic, professional , industrial, legal etc. It simply starts with building an idea and developig it further towards a process or change something for better.

3. Goals of innovation is that it must be able to integrate changes in exisiting systems and create effectiveness in the changed system to achieve team/project's goals.

Objectives is that innovation must be feasible to implement within time and cost scope to create a larger impact and reduce inefficiencies in the current systems.

4. A successful innovation must be backed up by purpose and clear direction. The idea must be able to bring some tangible change and improvement in the current systems within define time and cost scope. It is then considered to be a successful innovation.  

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