Operations Management-innovation,research,development

Question 1

Define innovation

Answer 1

Introduction of a new idea/method/production/equipment into the production process

Question 2

Define research and development

Answer 2

Process enabling creation of new/improved products to meet the needs of customers

Question 3

What are some problems with research and development?

Answer 3

Cost 
Risk 
Limited protection of new ideas 
Coping with technology changes 
Constant changes may annoy consumers 
Unemployment

Question 4

What is the process for research and development?

Answer 4

Market research-to make market/product orientated goods-learn of trends and capability
Brainstorming-morphological studies(method generating lots of ideas quickly+cheaply-grid system)

Question 5

What is value analysis?

Answer 5

Approach to improving the value of a product/process by understanding its constituent components and their costs

Question 6

What are the 3 aspects to value analysis?

Answer 6

Function-nature of product determines its task
Cost-varies on nature of product sold
Aesthetics-varies from product to product
All are balanced but one should be prioritised depending on the product

Question 7

What are some factors affecting research and development?

Answer 7

Level of competition in the market
Product 
External environment 
State of economy 
Responding to a particular problem