BSBSTR801 Project Portfolio (1)

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TAFE Queensland *

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Management

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May 7, 2024

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BSBSTR801 PROJECT PORTFOLIO 1 PROJECT PORTFOLIO
Contents Section 1: Understand innovation in your organisation ............................................................................... 5 Section 2: Lead and support innovation in your organisation ..................................................................... 7 Section 3: Implement and sustain innovation in your organisation ........................................................... 10 BSBSTR801 PROJECT PORTFOLIO 2
Student name: Sukhwinder singh Assessor: Nikhil sequeira Date: Organisation this assessment is based on: King’s Edward college Documentation reviewed as preparation: BSBSTR801 PROJECT PORTFOLIO 3
Section 1: Understand innovation in your organisation 1 Describe the organisation you are basing this project on. 1.1 What is the name of the organisation? Ans. King Edward VII College 1.2 What are the main activities of the organisation? Ans. It creates and keeps up a top-notch infrastructure to service clients and employees, and it offers students a choice of occupational education and training options. 1.3 What is your role in the organisation? Ans. My role in company is a Operational manager. 1.4 How does your role fit into the organisational structure? Ans. It is essential to comprehend the customers as well as the structure of the market, which calls for extensive research. All of these factors can be grasped through structured study and analysis, and it is essential to identify changing demands, technology, other comparable organizations, potential competitors, and their influence on one's own business. 1.5 Identify at least two stakeholders who will be associated with or impacted by innovation in your organisation. Ans. Employees Investors 1.6 How are your identified stakeholders associated with or impacted by innovation? Ans. Because they will benefit from innovation, these stakeholders are affected, related to, or impacted. Employees' jobs will be made easier and they will be more productive. Shareholders will get more out of the innovative company because it will make more money than others. 1.7 Summarise any existing organisational requirements relating to identifying, introducing and promoting innovative practices, processes, products and/or services (for example, communication policies and procedures, risk management policies and procedures etc.)? Ans. Innovation is the practical application of ideas that leads to the creation of new goods or services or a shift in the manner in which those goods or services are provided. Advancement is basic for each business; It helps the business survive in a highly competitive market, establish a competitive advantage, attract more customers and investors, boost productivity and success, and attract more investors. A business that has innovative policies and procedures is more effective, runs more smoothly, and can effectively carry out internal management tasks. Innovation has a number of advantages. Improved information flow, fewer disputes and misunderstandings within the company, and shorter project and other activity completion times are all advantages of a creative communication policy. The company will save time and money by doing all of these things, which is important. The remainder of Section 1 of your portfolio requires you to do research. You must access at least three different sources of information to do your research (for example, discussion with stakeholders, internet searches, industry standards, best practice examples etc.). You may also use the additional information in the Simulation Pack to assist you in answering the questions. Attach proof of your sources to this section of your portfolio (e.g. screen shot of search results, list of website links etc.) 2 Research innovation: BSBSTR801 PROJECT PORTFOLIO 4
2.1 Choose at least one past and one current innovation theory. Compare and contrast these theories and the associated thinking behind these theories. Ans. Innovation Research is open-ended and driven by curiosity. It uses thematic explorations to learn about emerging trends and practices in humanitarian innovation and deepen or challenge our current understanding of humanitarian innovation. Diffusion-The oldest social science theory is the diffusion of innovation theory. It by and large mean the correspondence in which how the thoughts and item take the energy based on time. It also implies that, in the end, individuals will gradually adopt novel concepts, behaviors, or products. In the meantime, the concept will only emerge when people attempt to adopt new ways of doing things or products through innovation diffusion. It also focuses on the fact that change in products, ideas, or behaviour does not occur simultaneously; it takes time, and those who undergo change have distinct personalities. Although it has some drawbacks, innovation diffusion has been utilized in numerous fields, including marketing, agriculture, public health, and communication. Disruptive- Concept, product, or service that creates a new value network by either disrupting an existing market or creating a completely new market is considered disruptive innovation. Disruptive innovations typically have lower performance at the beginning of their life cycles. Despite the fact that these innovations frequently aren’t “good enough” to satisfy current customers, they instead target a different market. Despite being one of the most useful theories, it has been misapplied and misunderstood worldwide. As a result, this theory is criticized for a flaw that has been fixed. Most of the time, because people don’t know enough and don’t take it seriously, they don’t realize that the theory has been used in a way that doesn’t make sense in anything. As a result, it can’t be used to lead the company in different markets or at different times. 2.2 Summarise relevant workplace conditions, including: 2.2.1. specific conditions that facilitate innovation (e.g. critical thinking). Ans. brainstorming mind mapping high thinking tangential thinking software programs workshops focus groups open discussion desk research using online community for research visualisation/graphical aids lateral thinking games trigger words vision circles word salads morphological analysis. On the contrary, sustaining innovation is defined as the type of innovations that   exist in the current market   and instead of creating new value networks, it rather improves and grows the existing ones. Idea generation -Open/diverse BSBSTR801 PROJECT PORTFOLIO 5
-Decentralized/participatory culture -Structural looseness/Low formalization Acceptance -Singleness of purpose/closed -Centralization Implementation -Formalization/Tightened control 2.2.2 specific issue that impact innovative thinking and creativity Ans. Issues that impact on individual and collective innovative thinking and creativity can be: Lack of autonomy Unclear direction Fear of failure Inadequate resources Functional fixedness 2.3 Analyse at least two potential barriers and two potential risks associated with introducing and maintaining innovation in an organisation Ans. The following are some of the potential dangers that could arise from. Iintroducing and maintaining innovation within an organization: The resistance of employees to change: Human nature makes us sensitive to a variety of perceived risks in our immediate environment, including the workplace. Communication issues: A company's inability to effectively communicate is a major barrier to innovation. Everyone is aware that employees detest change; They might be under the impression that changing their behaviour would jeopardize their job security. They might resist adopting the invention if they are unaware of its significance or its particulars. • practical, such as not meeting requirements regarding quality, cost, or scheduling • commercial – for example failing to attract a sufficient number of customers BSBSTR801 PROJECT PORTFOLIO 6 Lack of leadership Type of management style The differing characteristics of individuals in a work team Group dynamics Poor communication Lack of effective feedback or support Environmental factors Time provided for innovative thinking and creativity Incentives and rewards Role modelling behaviour
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