COURSE/SUBJECT: Innovation to Production and Operations Management

Detailed explanations is required for the questions 1, 2, 3 below

Question 1

"Petagaye, Jessica, Cameron and Ava-Marie have decided that they want to open their own family business. Petagaye and Jessica have concluded that it would be more profitable to purchase items that were already on the market and resale these at a profit.

However, Cameron and Ava-Marie argued that innovation would be a better option and a more profitable option if the product they developed meets the needs of their targeted audience."

Required

As their Consultant, expound on the innovation process to them and outline the two (2) reasons innovation would be a better option to commence their business

QUESTION 2

The Covid-19 vaccines have created a solution in the minds of some persons. While in the minds of others, it created more of a problem than a solution.

As an entrepreneur, you are tasked with the responsibility to make a presentation to the Board of Directors, on the Covid-19 vaccine. Your presentation must list the three (3) types of innovation involved with examples, and explain fully how these innovations added value to the society.

Question 3

a.Outline three (3) types of risks associated with investments in innovation.

b.Outline the three (3) basic steps for the innovation process.

c. Explain three (3) conditions that must be met, for the innovation process to be effective.