Innovation Management Practice Exam

About Innovation Management
Innovation management refers to handling of all the activities needed to “introduce something new”, which in practice means things like coming up with ideas, developing, prioritizing and implementing them, as well as putting them into practice, for example by launching new products, or by introducing new internal processes.

Innovation management is the systematic promotion of innovations in organizations and includes tasks of planning, organization, management and control.

Innovative management deals with all measures to promote innovation in organizations and to generate benefits, for example:

•    New products and services to conquer new markets.
•    Improved products and services to stand out from the competition.
•    Improve internal processes to strengthen the company from the inside or to save costs.
•    Development of new business models to use new sources of income.

Why is Innovation Management important?
Reasons that businesses should incorporate to remain innovative.
•    Creative Development – Qualities of innovative nature are essential for new businesses today. You can achieve growth by learning how to be creative. You need to learn this business skill to help make things of value from your creativeness. When you have this business skill you will find that it opens up all kinds of opportunities and gives you the potential for a new market and helps you to keep up with the current trends.
•    Continuous Improvement – Innovation gives organizational sustainability when you are making continual improvements and repackaging and re-branding. Any good manager will recognize the need to innovate and grows the business skills to increase their creativity.
•    Reinforce Your Brand – Development branding is popular in organizational leadership. This process reveals information to help leaders to learn other ways to be more innovative. It is important because it is recognized as one of the main drivers for success. It gives organizational sustainability such as brand maintenance.
•    Making the Most of What You Have Already – It is not all about creating a new product or service which you can sell, but you also need to focus on your existing business procedures to improve your efficiency, find some new customers, increase your profits and cut down on the amount of your waste. When you are continually innovating and improving on the practices of your business you will likely also attract better staff and keep more of your existing staff. This is detrimental to the health and performance of your business in the long-term.
•    Responding to Competition and Trends – Innovation can help you to see what exists now in opportunities or which ones will likely pop up in the near future. Businesses which are successful don’t only respond to the current needs of their customers, but usually predict the future trends and come up with an idea, service or product that can meet the future demand quickly and effectively. In this way you can stay ahead of your competition as trends, technology or markets shift.
•    Having a Unique Selling Point – Generally, consumers will see innovation as something which adds value to products or a company. When this is used the right way, it can give you an advantage commercially, especially in a market that is saturated or shifting rapidly. It can get your more positive exposure in the media and your customers will be more willing to pay the extra money for something that is well-designed and new, rather than picking the less exciting and cheaper rival.

Who should take the Innovation Management Exam?
•    Business leaders
•    Business owners or Entrepreneurs
•    Managers and senior executives
•    Management Consultants
•    Any professional with skills and knowledge on innovation management

Knowledge and Skills required for the Innovation Management Practice Exam

Skills needed to excel in innovation management includes

• Project management
• Strategic thinking
• Leadership
• Fostering individual and collective creativity
• Create processes and procedures
  
  

Innovation Management Practice Exam Objectives

Innovation Management exam focuses on assessing your skills and knowledge in concepts and application of innovation management to support creativity and innovation in organizations.

Innovation Management Practice Exam Pre-requisite

There are no prerequisites for the Innovation Management exam.

Innovation Management Certification Course Outline

1. Why Innovate?
1.1 Innovate to Energize
1.2 Innovate for Growth
1.3 Innovate for Survival
 
2. What to Innovate?
2.1 Vision, Portfolio and Innovation
2.2 Innovating Experiences
2.3 Process Innovation

3. How to Innovate?
3.1 Voice of the Product
3.2 Voice of the Customer
3.3 Fostering Creativity
 
4. Who Innovates?
4.1 Individual Innovator
4.2 Innovation Teams
4.3 Innovative Organization
 
5. Price-Cost-Value
5.1 Business Model
5.2 Systems Thinking
5.3 Feedback Effects
5.4 Vision
 
6. Hidden Costs, Hidden Benefits
6.1 Accounting Costs
6.2 Risk Adjusted Opportunity
6.3 Hidden Costs
6.4 Hidden Benefits
6.5 Sunk Costs

7. Trade-Offs
7.1 Value Innovations
7.2 Trade-Offs
7.3 Comparative Advantage

8. Cost Functions
8.1 Cost Functions
8.2 Competitive Markets Economics
8.3 Competition Niche
 
9. People, Knowledge and Machines
9.1 Adaptive Leadership
9.2 Free Lunches

10. Scale and Scope
10.1 Network Economies
10.2 Cost Function
10.3 Commoditization
10.4 Platform Leadership

11. Learning Curves Are Made, not Born
11.1 Learning Curve Concept
11.2 Loop Thinking

12. Demand-Driven Innovation
12.1 Price Sensitivity
12.2 Market Segmentation

13. Calculating Risks
13.1 Risk-Benefit Analysis
13.2 Decision Trees
13.3 Scenario Analysis

14. Competing by Collaborating
14.1 Game Theory
14.2 2x2 Strategy Matrix

Exam Format and Information
Certification name – Innovation Management Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199