Revision - Anees Sir Flashcards
(26 cards)
Distinguish between performance management and performance measurement with appropriate organizational examples. (10 marks)
Management: setting goals and checking progress
Measurement: numerical information reg input output performance dimensions (quantitative)
Explain the benefits of performance measurement to different stakeholders of a chosen organization. Explain the challenges faced by organizations while selecting and applying performance measures (15 marks)
Evaluate balanced scorecard and its perspectives in the context of an organization of your choice (15 marks)
Financial perspective
Customer perspective
Internal perspective
Learning and growth perspective
Differentiate between Efficiency and Effectiveness in the context of performance management (10 marks)
Efficiency: doing things right
How organization uses its resources
Effectiveness: doing right things
Achieving the desired results or outcomes
Discusss the key elements to be considered while setting appropriate goals according to Locke and Lathem (15 marks)
Clarity: targets and goals must be specific. Ambiguity is the enemy of understanding
Challenging: create higher motivation
Complexity: goals require creative problem solving
Feedback: regular feedback helps to keep momentum
Commitment: collaborative goal setting increase accountability and drive commitments
Identify and explain issues resulting from goal setting within an organization (10 marks)
Vague goals
Lack of measurability
In achievable goals
Disconnect between individual and organization goals
Poor communication and participation
Lack of accountability
Inflexibility and resistance to change
Evaluate the key business drivers in relation to the performance of a chosen organization (15 marks)
Profit drivers
Nonprofit drivers
Define the term benchmarking & discuss the types of benchmarking with appropriate organizational examples (25 marks)
Process of looking outside the business and seeing how others act
Meaningful comparisons to others and identifying opportunities to improve
Types:
Strategic
Performance
Internal
External
Define innovation and discuss Tidd and Bessant’s 4 Ps of Innovation Space with appropriate organizational examples (15 marks)
Innovation is the process of changing a product, service or process. Can be incremental or radical
4Ps are
Product: changes in things
Process: changes in ways products are created
Position: changes in context of of which products are created
Paradigm: changes in the underlying mental models which frame the industry
Explain the challenges of implementing innovation within contemporary organizations with appropriate organizational examples (10 marks)
Impatient leadership
Fear of failure
Innovation hesitation
Fear of change
Unclear KPIs
Lack of ownership
No innovation ecosystem
Explain Creative Destruction as per Schumpeter’s theory of innovation (10 marks)
Decay of long standing practices, procedures, products or services followed by more innovative and disruptive ones
Schumpeter saw creative destruction was essential for economic growth
Discuss with examples open, closed and open-source innovation (15 marks)
Open innovation: does not rely on own knowledge and uses multiple sources
- inbound
- outbound
Closed innovation: innovations are developed by themselves
Open source innovation: collaborative development including multiple participants
Analyse three phases of innovation life cycle with organizational examples (15 marks)
Fluid: high levels of uncertainty and experimentation
Transitional: a dominant design emerged and firms focus on process innovation
Specific: market is mature and focuses on enhancements and incremental innovation
Discuss the adopter categories under diffusion of innovation curve with organizational examples (15 marks)
Innovators
Early Adopters
Early majority
Late majority
Laggards
Discuss five stages of innovation decision process with examples about consumer behaviour demonstrated at each stage (15 marks)
Knowledge
Persuasion
Decision
Implementation
Confirmation
Discuss S-Curve and four phases of S-Curve with examples (15 marks)
Era of ferment
Takeoff stage
Maturity
Discontinuation
Analyse innovation value chain with its stages and assess ways which could be used to fix issues at different stages of the value chain (25 marks)
Idea generation
Conversion
Diffusion
Discuss innovation competitions and explain the benefits of innovation competitions with examples (15 marks)
Collaborative competitive events to foster creativity and identify novel solutions and drive growth through new ideas
Cost effective innovation
Increased creativity
Talent identification
Discuss the impact of innovation on business performance (15 marks)
Attracts high quality staff
Productivity innovations can lead to cost reduction
Speedy response to disrupters
Develop an agile organization
Develop great leaders
Organization benefits from competitive advantage
Customer involvement
Collaboration of all business units
What is the significance of accepting failure in relation to creating an innovation driven organization. Give organizational examples to support your answer (10 marks)
Failure is important
It leads to learning, iteration, adaption and new concepts
Describe input measures and output measures in relation to performance measurement of innovation with examples (10 marks)
Input measures: resources used throughout the business process
Eg: staff hours
Output measures: show completed activities and results of the innovation process
Eg: revenue
Parents
Define risk and analyse different approaches to manage risk in innovation (10 marks)
An event or change that occurs or an impact of an event or change
Risk averse
Risk neutral
Risk taker
Analyse external and internal risks to innovation with reasons and ways to overcome explained (25 marks)
External:
Demand
Technology
Competitor
Govt risks
Internal:
Investment risk
Open innovation
Concentration of resources
No capacity to implement innovation
Explain reasons for failure of innovations with organizational examples (10 marks)
Did not define goals
Actions were different from goals
Poor communication and lack of team participation
Results were not monitors
Insufficient resources
Poor management of process
