Identify the Six Tests That an Organisational Innovation Must 'Pass

question 57

Essay

Identify the six tests that an organisational innovation must 'pass' in order for it to be commercially successful.

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and processes.

Production Possibilities Frontier

The Production Possibilities Frontier is a curve depicting all maximum output possibilities for two goods, given a set of inputs.

Bowed-shaped Curve

A graphical representation that shows a diminishing rate of return, illustrating that as more of one good is produced, greater sacrifices are made in foregone production of another good.

Economic Question

A query that seeks to understand how scarce resources are allocated, such as what to produce, how to produce it, and for whom to produce.