Solutions to Assessment -1

Innovation, Business Models and Entrepreneurship

WEEK-1

Q1 Which of the following is correct?

(a) In present times, the product life cycles are reducing.

(b) In present times, the product life cycles are increasing.
(c) In present times, uncertainty in business environment is reducing.
(d) None of the above

Q2 Which of the following is correct?

(a) Japanese manufacturing philosophy focuses on Cost minimization.

(b) Japanese manufacturing philosophy focuses on innovation.
(c) Japanese manufacturing philosophy focuses on quality with minimum cost.
(d) All of the above

Q3 Which is the correct sequence in the process of innovation?

(a) Idea generation, implementation and impact creation

(b) Implementation, impact creation and control of idea
(c) Impact planning, implementation and control of idea
(d) Any one of above is possible

Q4 Which of the following is correct?

(a) Innovation starts with creativity.

(b) Innovation begins with curiosity.
(c) Innovation happens accidently.
(d) All of the above

Q5 Which of the following is correct?

(a) Mind-set is the biggest barrier in the process of innovation.

(b) External environment is a major barrier in the process of innovation.
(c) “Many of us feel that innovation is not my cup of tea” – this is a major challenge in the
process of innovation.
(d) All of the above

Q6 Which of the following is correct?

(a) “naïve perception” helps in improving our ability to see more things around us.
(b) “naïve perception” helps in improving our ability to implement the idea.
(c) “naïve perception” helps in creating harmonious environment for innovation.
(d) All of the above

Q7 Japanese term “Kaizen” is close to ……………..

(a) Product innovation

(b) Process innovation
 (c) Business model innovation
(d) None of the above

Q8 Which of the following is not a characteristics of frugal innovation?

(a) Reducing complexity of a product

(b) Removing nonessential features of a product
(c) Reducing cost of a product
(d) Improving quality of a product

Q9 Which of the following is not a characteristics of design thinking approach?

(a) Rapid prototyping

(b) Detailed analysis
(c) Faster implementation
(d) None of the above

Q10 Which of the following is not a characteristics of systems thinking approach?

(a) Point of leverage is to be identified.

(b) It uses concept of silver bullet.
(c) Theory of constraints is best suited for systems thinking.
(d) None of the above

Answer keys

1. a 2.c 3.a 4.b 5.d 6.a 7.b 8.d 9.b 10. d