Innovative and Strategic Thinking Exam Questions with Verified Answers Latest Update 2024

Innovative and Strategic Thinking Exam Questions with Verified Answers Latest Update 2024 Initiative - Answers an organizational priority that identifies a direction or strategic area of focus Iterative - Answers repeated cycles that increasingly approach the desired result Innovation - Answers process of developing and implementing a new product or process that delivers value to users or customers Creativity - Answers generation of novel or unique ideas Critical thinking - Answers disciplined process of rational, evidenced-based, and open-minded thinking that involves analysis and evaluation of inputs to reach an answer Market share - Answers the percentage of sales in a market controlled by a particular company or product Customer value - Answers the benefit (vs. cost) a customer receives from a product or service offering Product innovations - Answers new or improved goods or services offered to the market Process innovations - Answers new or improved ways of conducting business, such as the application of new technology, production techniques, or distribution methods Invention - Answers the creation of a unique new idea, process, or object Research and development - Answers organizational activities with the goal of innovating products and services Incremental innovations - Answers gradual improvements to products or processes Breakthrough - Answers the development of an entirely new product or process Transformational - Answers organizational adaptation and development or new processes and business models Business model - Answers a company's plan for creating value, including the types of products and services it will offer to earn revenue Design thinking - Answers a human-centered process for innovation consisting of six iterative stages - empathize, define, ideate, prototype, test, and implement Scientific method - Answers empirical approach or procedure used to hypothesize and test observations Wicked problem - Answers a challenging or complex problem without a clear solution, usually social or cultural in nature Agile - Answers project management approach, originally used for software development, characterized by quick, iterative cycles and frequent adaptations Empathize - Answers seeks to understand and develop empathy for the user experience Define - Answers builds on observations of users to identify and refine a problem statement Ideate - Answers ideas are brainstormed and generated Prototype - Answers designers create testable versions of the ideated solution Test - Answers where the prototype is tested and additional information can be gathered to inform the solution Implement - Answers a solution is brought to scale as a market offering or is adopted throughout the organization Empathy - Answers the ability to understand or be attuned to the feelings, thoughts, or experiences of another human being Human-centered design - Answers approach to design that begins with the people (users) affected by the problem or potential solution Problem statement - Answers brief description of the issue to be addressed through the design of a solution Internet of things (IoT) - Answers connection of everyday devices via the internet using sensors, gauges, and a variety of computing technologies Strategic management - Answers the process of ensuring alignment between all organizational activities and business objectives Decision-making process - Answers a seven-step process to make strategic decisions informed by data Data analysis - Answers process of evaluating and interpreting data using analytical and statistical tools to uncover business insights Business analysis - Answers use of data about the internal and external business environment to identify business needs and objectives Widgets - Answers mini-apps that can be added to customize a home screen Scenario planning - Answers method of strategic planning that uses plausible scenarios to help an organization create flexible long-term plans in the face of uncertainty Entrepreneur - Answers one who undertakes innovations in an effort to deliver market adoption with a variable business model Entrepreneurial mindset - Answers an important component of entrepreneurship, mindset of passion, drive, ambition, creativity, vision, and persistence Business capabilities - Answers an organization's capacity and expertise to carry out specific business activities Macro environment - Answers the whole of the organization's external and uncontrollable environment Qualitative - Answers data the is non-numeric, often collected though interviews, observations, focus groups, and open-ended surveys Quantitative - Answers numeric data Evidence-based decision-making - Answers approach to decision-making that relies on actual experimentation or historical data to demonstrate the likely success of plan before taking action Descriptive analytics - Answers process by which historical data is analyzed and interpreted to provide business insights Top-down approach - Answers management approach in which upper management or company executives make decisions and disseminate them to lower levels of the organizational hierarchy KPIs - Answers Key Performance Indicators, or the most important metrics for an area of the business Trend Analysis - Answers practice of collecting historical information to monitor business performance over time and look for patterns, or trends, in the data Risk - Answers a situation exposing the organization to liability or loss Risk exposure - Answers potential or probability of loss to the business from a possible event Strategic risks - Answers situations that may expose an organization or liability or loss but that offer the opportunity to achieve organizational objectives Preventable risks - Answers situations within an organization's control that could expose it to liability or loss Uncontrollable risks - Answers situations in the external business environment that may expose an organization to liability or loss but are outside its influence or control Enterprise risk management (ERM) - Answers methods and processes used by an organization that provide a framework for identifying and managing risks and opportunities