Study Guide for Innovative and Strategic Thinking - D081 Questions and Answers

Study Guide for Innovative and Strategic Thinking - D081 Questions and Answers "Top-Down" Approach - CORRECT ANSWER-Management approach in which upper management or company executives make decisions and disseminate them to lower levels of the organizational hierarchy. Adhocracy Culture - CORRECT ANSWER-Type of externally focused, flexible organizational culture. Agile - CORRECT ANSWER-Project management approach, originally used for software development, characterized by quick, iterative cycles and frequent adaptations. Breakthrough Innovations - CORRECT ANSWER-The development of an entirely new product or process. Business Analysis - CORRECT ANSWER-Use of data about the internal and external business environment to identify business needs and objectives. Business Capabilities - CORRECT ANSWER-An organization's capacity and expertise to carry out specific business activities. Business Model - CORRECT ANSWER-A company's plan for creating value, including the types of products and services it will offer to earn revenue. Centralization - CORRECT ANSWER-Concentration or consolidation of control under one authority. Clan Culture - CORRECT ANSWER-Type of internally focused, flexible organizational culture. Codes of Conduct - CORRECT ANSWER-Set of rules outlining acceptable (and unacceptable) practices, behaviors, and processes an organization expects of its employees. Competing Values Framework - CORRECT ANSWER-Model for diagnosing an organization's cultural type. Conglomerate - CORRECT ANSWER-A large corporation consisting of several businesses whose products or services may differ widely. Consolidation ANSWER-Merger of one or more companies into a larger organization, usually for economic benefit. Corporate Social Responsibility (CSR) - CORRECT ANSWER-Organizational policy integrated into the firm's business model that goes beyond regulatory requirements to act in the interest of social or environmental good. Cost Leadership Strategy - CORRECT ANSWER-Business-level strategy that seeks to outcompete rivals on price. Cost-Benefit Analysis - CORRECT ANSWER-Evaluation of the total cost of ownership of a solution compared to the expected return on investment. Creativity - CORRECT ANSWER-Generation of novel or unique ideas; the process of generating something new. Critical Thinking - CORRECT ANSWER-Disciplined process of rational, evidencedbased, and open-minded thinking that involves analysis and evaluation of inputs to reach an answer. Customer Value - CORRECT ANSWER-The benefit (vs. cost) a customer receives from a product or service offering. Data Analysis - CORRECT ANSWER-Process of evaluating and interpreting data using analytical and statistical tools to uncover business insights. Decision-Making Process - CORRECT ANSWER-A seven-step process to make strategic decisions informed by data. I. Identify the problem / decision to be made 2. Create decision criteria 3. Generate ideas and options 4. Weigh options 5. Make the decision 6. Implement 7. Evaluate / assess the result Define - CORRECT ANSWER-Stage of Design Thinking process that builds on observations of users to identify and refine a problem statement. Departmentalization - CORRECT ANSWER-Grouping of processes, activities, and resources into functional units. Descriptive Analytics - CORRECT ANSWER-Process by which historical data is analyzed and interpreted to provide business insights. Design Thinking - CORRECT ANSWER-A human-centered process for innovation consisting of six iterative stages - empathize, define, ideate, prototype, test, and implement. Differentiation Strategy - CORRECT ANSWER-Business-level strategy of establishing competitive advantage through adding value to a product or service to accompany a higher price point. Divisional - CORRECT ANSWER-