Report Assignment: Process for Managing Innovation
Overview
As a middle manager, you have already recommended an innovation option (incremental or discontinuous) to the organization from the course scenario. However, one of the organization's key luxury-market competitors in passenger vehicles recently launched a prototype of a fully autonomous luxury sedan. It has announced that it plans to bring the model to market within the next two years. The organization wants to prepare for the challenge.
You have been tasked with creating a report recommending the most suitable process for managing innovation in a changing external environment (for example, a key competitor coming up with a new product). You will also recommend how cross-functional teams can work effectively within the process. Lastly, you will address the concerns of the key stakeholders about introducing innovation management processes in a changing environment.
Prompt
Based on this scenario, create a process recommendation report. Remember to tailor the information for the target audience, your stakeholders. Your report should include the following points:
I. Identify the most suitable process for managing innovation in a changing external environment. You must consider the following processes and briefly describe all four processes before you offer your recommendation:
1. Stage-gate
2. Agile
3. Lean
4. Discover-iterate-pivot
II. Explain your rationale for your recommendation.
1. Describe the advantage of your chosen process over others.
2. Explain how it can address the changing external environment.
III. Explain recommendations for ensuring cross-functional team effectiveness in the chosen process.
1. How would you measure team success at each stage of a project?
2. How would you review and implement changes coming out of success measurements?
3. How do you know when you are done with the project?
IV. Describe your plan for addressing the concerns of your key stakeholders. Select two of the following departments whose directors will be your audience: research and development (R&D), finance, human resources (HR), or marketing.
1. Identify key stakeholders who will use the report in your organization.
2. List at least two concerns they may have about processes for managing innovation.
3. Explain your response to their concerns.
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.