59473 – Assessment Task 3: Team Project: Product InnovationAssessment

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Task 3: Team : Product InnovationAssessment Task Team : Product InnovationScheduleOutcomes Assessed Performance Criteria:1.1, 1.2, 1.3, 1.5, 1.6, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 3.1,3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8Also addresses some elements of required skills and knowledge as shown in the Assessment MatrixDescription:Innovations are products, services, solutions or processes that have no logical antecedent and are valuecreating to a core audience (The Economist). is also defined as he processes by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process (Business Dictionary). In business, often results from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a company’s products.This is a team and teams of up to four (4) members should be formed at the beginning of the term. The team will be expected to delegate tasks and responsibilities, meet regularly and contribute equally to the . Teams will need to demonstrate team work and consultations in the designated time during the learning sessions. Any long absences, non-contribution from team members, procrastination or any other problems should be reported to the trainer/assessor at the earliest.Building on your knowledge of innovation concepts and theories (e.g. Continuous and Disruptive innovations), you and your team will develop an innovative concept for the given product or service.Product Concept: Microprocessor:A microprocessor incorporates the functions of a computer’s central processing unit (CPU) on a single integrated circuit (IC), or at most a few integrated circuits. [2] It is a multipurpose, programmable device that accepts digital data as input, processes it according to instructions stored in its memory, and provides results as output. It is an example of sequential digital logic, as it has internal memory. Microprocessors operate on numbers and symbols represented in the binary numeral system. During the 1960s, computer processors were constructed out of small and medium-scale ICs—each containing from tens to a few hundred transistors. Three projects delivered a microprocessor at about the same time: Garrett AiResearch’s Central Air Data Computer (CADC) (1968), Texas Instruments (TI) TMS 1000 (1971 September), and Intel’s 4004 (1971 November).Task:You and your team will be required to develop an innovative idea (a conceptual idea) on how the Microprocessor can be transformed into a more functional and innovative product. Remember that, to be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. It can be a radical idea; but it must sound realistic. The Microprocessor is one example. If you think that your team can work with a different idea, discuss it with your trainer/assessor.You team will need to assume the role of a team employed by a relevant and/or technologyoriented organisation that is looking at ways to revolutionise the current market with innovative products and/or services. Company’s approach in this instance can be described as continuous innovation as it is using an existing product for innovation. However, you team has the flexibility to come up with an entirely new product using a new technology or method which could be disruptive (e.g. discarding the use of rotary blades and devising a new technology).Your tasks will be to develop a proposal and;? Define the product and describe its current role/use, mapping the way product has evolved since its first invention/innovation? Establish a need/reason/justification for innovation? Brainstorm the ideas the team? Shortlist at least two separate ideas for trial? Conduct a cost-benefit analysis for each one of them? Analyse risks and develop to mitigate the risks? Highlight and discuss any sustainability issues (e.g. impact on the environment, waste)? and for implementing the new idea(s)? Key items/tasks and time frames for implementation? Impact of change and consequences for people within the organisation? A communication plan for communicating new initiatives within the organisation? Performance measures for measuring of the new product? Testing and trialling process including a pilot runIn addition, your proposal will include a detailed description of the team process that includes;? Team goals and objectives? Team norms? Tasks and responsibilities? Team performance goals? How creative ideas were encouraged and gathered? How interaction within the team or team process resulted in generation of new ideas? How the ideas were evaluated and short-listed? Failures or setbacks and how they impacted on the processThis is an extensive and teams will need to maintain a high degree of efficiency, productivity, communication and documentation throughout the process.The proposal should be written as a formal business document with appropriate structure including an executive summary.Once you have completed the , present a summary to the class.Assessment CriteriaThe following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work.? Successfully formed the team and set team norms and expectations? Defined roles and responsibilities of each team member? Team objectives are specific, measurable, achievable, realistic, and time bound ? Identified and itemised tasks? Delegated tasks to team members based on their skill and knowledge sets? Team performance goals are aimed at performance improvement and creativity? Team interaction was engaging and conducive to creative ideas? Team process identified and shortlisted creative ideas? Team recognised and tested new ideas? Team learned from mistakes and overcome barriers/constraints in developing the final solution? Team statement and observation from in-class session demonstrates contribution from all team members? Developed an organisational context for the and linked the new innovation ideas to organisational goals? Product is researched and analysed for its current role and use in the marketplace? Need for innovation is established and articulated? The reasons for innovation are justified and satisfy the stated need? Two distinct ideas are shortlisted for the ? A cost-benefit analysis is conducted for each idea? The cost-benefit analyses predict outcome of costs and benefits over relevant time period? KPIs or other performance measures are developed to evaluate business performance of the proposed new products in the market? risks are identified, and strategies are developed to mitigate the risks? Risk management approach is adopted in analysis using a risk matrix? Identified the impact of new innovations on environment and addressed relevant issues? Developed an implementation/action plan that identifies specific tasks, resources and time lines for delivery? Impact of proposed changes is estimated, and strategies developed to communicate and implement the changes within the organisation? proposal include provisions for testing and trialling the products and estimates the budget for the same in the cost-benefit analysis? Proposal is prepared in a formal style using appropriate structure with headings and subheadings? The proposal is organised and coherent with an easy content flow that leads to the final recommendations? Presented the to the class? Presentation was structured, concise and covered all critical aspects of the ? All the group members presented and explained their part? Maintained a group portfolio and retained evidences of all the completed worksSubmission GuidelinesSubmit:? Completed proposal? Team (Word processed and signed by all team members)? Copies of the presentation? Complete team portfolio containing all the documents/notes/communications completed as part of the

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