Reallocating capital, or making budget adjustments Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Reallocating capital, or making budget adjustments Essay
A minimum of 100 words each question and References Response #1 – 6) KEEP RESPONSE WITH ANSWER
Make sure the Responses includes the Following: (a) an understanding of the weekly content as supported by a scholarly resource, (b) the provision of a probing question. (c) stay on topic
- You mentioned in your post that flexibility would make the risk of innovation go down. I also believe that this is a great way to reduce risk. Being able to check and recheck ideas makes it able to be modified early on. You also mentioned that speed was another great idea, I do struggle a little bit with speed only because I worry about something Being rushed through. What are your thoughts?
- I am so glad that you mentioned flexibility. It is so important that team members and managers are flexible when trying new ideas and techniques to implement a change in a product or a service. I can imagine that the initial idea may not always work at first and that calls for something different. We have talked before in the previous weeks in this class that sometimes chaos can come about. You have to be able to make quick decisions and with that there is a need for flexibility. I also like how you mentioned control. The management team does have to have control of what they are doing. Financially, its important because you can’t normally launch new things if you can fund them.
- One way is to ensure you have enough resources to support innovation, one most remove obstacles, or barriers that may prevent, or slow the process down. Reallocating capital, or making budget adjustments can open doorways to implementation. Making decisions can be based on performance of different areas, or divisions. If a division is consistently profitable it may be wise to allocate capital, labor or other resources so they are able to continue forward, One must avoid investing in innovation based on wants, or even needs, sometimes, it may be better just to improve certain areas while making plans for others. In my organization they normally invest in areas that generate revenue before they even consider the cost centers. However, you end up with a group of innovators, and a group of agitators who feel they are not being considered. The conflict can affect innovation; however, it is important that management finds a way to engage the groups, or individual so they are included in the process. The manager, or person must take a holistic point a view to help validate the innovation, as well as determine the opportunities they may exist, or be created. There must be some sort of format, “in the context of structured risk assessment, predictive validity refers to the ability of an instrument to predict the likelihood of an adverse outcome” (Singh,2014).Research, planning , communication, coaching ,inclusion, follow through , and accountability is the best way to handle risks of innovation.
- Organizational alliances can impact a company in a positive way. Alliances are when a company sees something in another company that it needs and also has something to offer so it benefits all of them. It could be a product, distribution channel, manufacturing capability, or even funding (Martyak, 2014). It is wise to find a company that has a similar vision, mission, and strategy (Segil, 2002). Alliances allow companies to put their resources together and attract customers. The purpose of an alliance is so that companies can increase the value of each other that is not possible when either acts alone (Martyak, 2014). This gives companies the ability to increase speed to market, reduce operational complexity, and increase cost efficiency (Martyak, 2014). Each company needs to have clear goals, compatability and have the ability to meet expectations of one another. Some business owners may be hesitant to form alliances in fear of losing executive control or losing ownershop. Alliances is another way of innovation. Finding new ideas incorporating different and popular items that can increase sales for each partner. It gives each partner the opportunity to enter different markets it may not have been able to reach standing alone. There was an example given using Starbucks. Starbucks is now sold in Walmart, gas stations, ice cream shops, etc. Starbucks had to partner with these places to reach a different target market. Walmart and other places agreed because it increases sales for them (Segil, 2002). It is appealing for customers to go into their favorite store and also get their favorite items. There is nothing like going to Target and being able to grab a Starbucks coffee.
- There will always be risks with innovation, in order to move past them and be successful one must know how to address them and manage. One of the best ways to address innovation is by using an innovation model. As we have learned within the previous weeks in our class innovational models are very important, not only do they help map out business ideas but they can also help you notice problems or road bumps that you might come across. When using an innovation model one is able to see some of the risk within the concept and be able to manage it accordingly. Another way to address risks is to acknowledge some of the models limitations. This means that you need to understand what your budget is (plan within it), you need to know the functions (what it can and can’t do). When we are able to understand our limitations we are also looking to expect what might be unexpected. Another idea to help managing the risk is to ensure that you understand the use and the user of the product. Not only do you want to build a product that your customers feel a need to use but also you want to ensure that the users can use it and that it is user friendly. It is important to note that as humans we will not be able to forsee all challenges that could arise with an innovation, but it truly is important that we know how to minimize it and also manage it when it arises.
- First, in order to understand how risk can be addressed or managed, one has to know what defines risk. Actual risk is determined by four factors: the unrecoverable financial commitment, the degree to which the new opportunity veers from the company’s existing base, the level of uncertainty about customer demand and technical capabilities, and the time frame. The best way to manage risks it to understand the difference between actual risk and perceived risk, focus on learning rather than investment in new endeavors, learn faster cheaper and better, experiment, and share risk with partners (Gibson & Skarzynski, 2008). Most innovations are truly not sprints and companies feel the need to rush products and their success and they ultimate fail because they were not ready. Companies who put out products and perfect timing for demand and level of technology are the ones that do the best. Companies can best address risks of innovation by understanding more about the product will truly influence the consumers.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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