Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Engineering Management 2 > Technology, innovation and disruption > Flashcards

Technology, innovation and disruption Flashcards

1
Q

What is ‘technology’?

A

-Something designed to achieve a specific goal (instrumental action)
-Designed to increase knowledge by reducing uncertainty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is innovation?

A

-Perceived as something new (not necessarily new)
-“Newness” expressed in terms of: knowledge, persuasion or decision to adopt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Describe the process chain of innovation

A

Old things are replaced by new things (creative destruction)

-Invention
-Innovation
-Diffusion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are disruptive innovations?

A

-Disruptive innovations create new markets
-Unexpected source of value for buyers

(eg. cars once manufacturing costs decreased)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the motivation of innovation (for companies)?

A

-To control costs through improved manufacturing
-To increase (update) product range
-To respond to technology changes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How do technologies and innovations generally spread over time?

A

Market use follows an ‘S-shaped’ pattern over time

-Low use upon invention
-Rapid adoption once value is noticed and implemented into the market
-Plateaux once the majority of the market uses the innovation/technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the 9 stages of Technology Readiness Levels (TRL)?

A

-TRL 1: Basic (scientific) principles observed and reported

-TRL 2: Technology concept/application formulated

-TRL 3: Proof of concept established (critical function)

-TRL 4: Lab testing of prototype or process

-TRL 5: Lab testing of integrated system

-TRL 6: Prototype system verified

-TRL 7: Integrated pilot system demonstrated

-TRL 8: System incorporated in commercial design

-TRL 9: Full scale deployment of system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the 3 types of innovation?

A

Accidental:
Unplanned, principal discovered by accident or random events (eg. penicillin)

Technology and knowledge push:
Process an underlying idea to create a product (eg. AI)

Market pull:
New products created in response to market/customer feedback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Does innovation have to be immediately after invention?

A

No, innovation depends on the feasibility of the invention to integrate into the market against current alternatives (eg. cars)

Known as recombinant innovation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the 5 phases of innovation, and where do they take place, from an industrial perspective?

A

1: Pure research (universities)

2: Basic research (universities/industry)

3: Applied research (industry/university)

4: Product development (industry)

5: Product design (industry)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the common motivations and funding sources during the ‘pure research’ stage of innovation?

A

Motivation:
-Scientific interest
-Individual curiosity

Funding:
-Charity (research grants) or publicly funded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the common motivations and funding sources during the ‘Basic Research’ stage of innovation?

A

Motivation:
-Technical challenge/scientific anomaly
-Development of scientific theme/program
-Potential commercial benefit

Funding:
-Charity (research grants) or publicly funded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the common motivations and funding sources during the ‘Applied Research’ stage of innovation?

A

Motivation:
-New innovation to market (addressing perceived needs)
-Demonstrate function of innovation
-Identify research requirements

Funding:
-Charity (research grants) or publicly funded
-Private funding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the common motivations and funding sources during the ‘Product Development’ stage of innovation?

A

Motivation:
-Private profit
-General commercial objectives
-Hard performance and cost objectives

Funding:
-Private funding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the common motivations and funding sources during the ‘Product design’ stage of innovation?

A

Motivation:
-Private profit
-General commercial objectives
-Focused on a specific product

Funding:
-Private funding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Explain the cost of innovation

A

-Negative initial cash flow due to product investment
-Once developed and sales start, positive cash flow takes over
-Cumulative cash break even point is met
-Continued profits from the break even point, eventually plateauing

17
Q

Explain the consequences of no innovation

A

-Positive initial cash flow due to sales and no innovation
-Other innovated products take over the market, negative cash flow takes over
-Cumulative cash break even point is met
-Continued losses from the break even point, eventually plateauing (business dies)

18
Q

What is the New product sales ratio?

A

Amount of money generated from the sales of new products:

New product sales ratio = Sales revenue of new products / Sales revenue

19
Q

What is Research-and-development-to-product conversion (RDP)?

A

How effectively a company has generated income from an innovative product

RDP = New product sales ratio / (Innovation cost / Sales revenue

20
Q

What is New-products-to-margin conversion (NPM)?

A

Effectiveness at profiting from new products

NPM = Gross profit to sales ratio / New product sales ratio

21
Q

What are the properties of ‘Lean Startup’ during innovation?

A

-Innovation is risky, Lean Startup applied to reduce risk
-Obtain as much real customer data early
-Avoid fully developing a product until market demand is determined (first product is not fully developed)
-Change the products when new customer demands are observed
-Implement the minimum viable product

22
Q

Explain the steps of the process of Lean Startup

A

-Main/new product ideas (hold product assumptions)
-Build (minimum viable product)
-Measure the product use (collect actionable metrics data)
-Learn from collected data

Either:
-Persevere (build iterations upon the idea), back to build
Or:
-Pivot (New ideas to change product for the market), back to ideas

23
Q

What are Intellectual Property (IP) rights?

A

-Legal monopoly of IP owner to exploit invention/innovation
-Granted to owner for limited time
-Can be sold

24
Q

What are the conditions of the ‘Patent’ form of intellectual property (IP) to be accepted?

A

-New and original
-Involve an inventive step
-Capable of industrial application

Cannot be:
-a discovery (gravity)
-A scientific theory
-Aesthetic creation (books or art)
-A scheme (business or game)
-Presentation of information

25
Q

What are the 3 forms of Intellectual property (IP)?

A

-Patent
-Registered Designs
-Copyright

26
Q

What are Registered Design Intellectual Properties (IPs)?

A

-Aesthetic design (shape, colour, appearance, ect.)
-Must be new
-Materially different and distinctive shape
-Registered product type (eg. kettle)

Cannot be:
-Sculptures
-Wall pictures
-Printed matter (book covers, dress patterns)

27
Q

What is the Copyright form of Intellectual Properties (IPs)?

A

Rights for authors of outputs (automatically assigned):
-Literary works
-Musical, artistic works
-Published editions
-Sound recordings
-Films
-Broadcasts
-Computer games

Engineering Management 2 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions