WGU D081 Innovative & Strategic Thinking

D081 Innovative & Strategic Thinking Leave the first rating Students also studied Terms in this set (85) Western Governors UniversityD 351 Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview Innovative and Strategic Thinking - ...137 terms pgray_wguPreview Emotional and Cultural Intelligence ...102 terms stephanie_leslie9 Preview WGU O Teacher jhfr Practice questions for this set Learn1 / 7Study using Learn Organizational adaptation and development of new processes and business models.BreakthroughThe development of an entirely new product or process.Business AnalysisUse of data about the internal and external business environment to identify business needs and objectives.CreativityGeneration of novel or unique ideas.Choose an answer 1Informational2Transactional 3Situational4Transformational Don't know?

InnovationThe process of trying to get value out of these ideas.Incremental InnovationsGradual improvements to products or processes.TransformationalOrganizational adaptation and development of new processes and business models.Critical ThinkingDisciplined process of rational, evidenced-based, and open-minded thinking that involves analysis and evaluation of inputs to reach an answer.Customer ValueThe benefit (vs. cost) a customer receives from a product or service offering Data AnalysisProcess of evaluating and interpreting data using analytical and statistical tools to uncover business insights Decision Making ProcessA seven-step process to make strategic decisions informed by data.Defined Benefit PlanStage of Design Thinking process that builds on observations of users to identify and refine a problem statement DepartmentalizationGrouping of processes, activities, and resources into functional units.Descriptive AnalyticsProcess by which historical data is analyzed and interpreted to provide business insights.Design ThinkingA human-centered process for innovation consisting of six iterative stages- empathize, define, ideate, prototype, test, and implement.Differentiation StrategyBusiness-level strategy of establishing competitive advantage through adding value to a product or service to accompany a higher price point.EmpathizeStage of Design Thinking process that seeks to understand and develop empathy for the user experience EmpathyThe ability to understand or be attuned to the feelings, thoughts, or experiences of another human being Enterprise Risk Management (ERM)Methods and processes used by an organization that provide a framework for identifying and managing risks and opportunities EntrepreneurOne who undertakes innovations in an effort to deliver market adoption with a viable business model.Entrepreneurial MindsetAn important component of entrepreneurship, a mindset of passion, drive, ambition, creativity, vision, and persistence.Evidence-Based Decision-makingApproach to decision-making that relies on actual experimentation or historical data to demonstrate the likely success of a plan before taking action.

Focused Differentiation StrategyBusiness-level strategy of delivering unique value to a narrow target audience at a high price point.Focused Low-Cost Leadership StrategyBusiness-level strategy of competing based on price to a narrow target market FormalizationEstablishment of defined structures, groupings, processes, and hierarchies.Human-Centered DesignApproach to design that begins with the people (users) affected by the problem or potential solution.IdeateStage of Design Thinking process where ideas are brainstormed and generated ImplementStage of Design Thinking process where a solution is brought to scale as a market offering or is adopted throughout the organization Incremental innovations

• are usually highly disruptive.
• usually represent technological breakthroughs.
• are usually small improvements in products and

processes.

• nearly always can be patented.

Gradual improvements to products or processes.InitiativeAn organizational priority that identifies a direction or strategic area of focus.InnovationProcess of developing and implementing a new product or process that delivers value to users or customers Integrated StrategyBusiness-level strategy where an organization seeks to provide more value than an average competitor at a moderate cost Internet of Things (loT)Connection of everyday devices via the internet, using sensors, gauges, and a variety of computing technologies InventionThe creation of a unique new idea, process, or object.IterativeRepeated cycles that increasingly approach the desired result.KPIsKey Performance Indicators, or the most important metrics for an area of the business Macro EnvironmentThe whole of the organization's external and uncontrollable environment.Management Information Systems (MIS)An information system to organize and coordinate business data to support analysis and decision-making.Market CultureType of externally focused, controlled organizational culture.Market ShareThe percentage of sales in a market controlled by a particular company or product.

Micro EnvironmentElements in an organization's immediate external environment that effect its performance.MultidivisionalType of organizational structure where multiple semiautonomous divisions report to central management (such as subsidiaries to a parent company).Organizational CultureThe beliefs, values, assumptions, expectations, priorities, behaviors, and interaction styles that define the unique social and psychological environment of an organization Organizational ValuesThe fundamental beliefs and principles upon which an organization and its behavior are based Porter's Five ForcesBusiness analysis model that explores the impact of competition in an organization's microenvironment from industry rivals, new entrants, substitute products, suppliers, and buyers.Preventable RisksSituations within an organization's control (or ability to avoid) that could expose it to liability or loss.Problem StatementBrief description of the issue to be addressed through the design of a solution.Process InnovationsNew or improved ways of conducting business, such as the application of new technology, production techniques, or distribution methods Product InnovationsNew or improved goods or services offered to the market.PrototypeStage of Design Thinking process where designers create testable versions of the ideated solution; draft or example version of a solution that can be tested and evaluated.QualitativeData that is non-numeric, often collected through interviews, observations, focus groups, and open-ended surveys.QuantitativeNumeric data (information that can be measured with numbers to answer how much, how many, how often).Research and Development (R&D)Organizational activities with the goal of innovating products services.Risk Categorization & Definition (RCD)Type of management information system designed to support ERM.Risk ExposurePotential or probability of loss to the business from a possible event.ScaleGrow or expand production, distribution, and sale of a product in a profitable way.Scenario Planning (Contingency Planning)Method of strategic planning that uses plausible scenarios to help an organization create flexible long-term plans in the face of uncertainty.Scientific MethodEmpirical approach or procedure used to hypothesize and test observations.