Abstract
Despite the positive correlation between innovation and
organization performance, many organizations have de-emphasized innovation as a
strategic goal in light of the crisis brought on by the Covid pandemic. Despite
strategic goal shifting away from innovation, companies can weather the storm
and emerge with increased performance post-crisis by expanding the focus on
innovation. Innovation, however, remains challenging for many organizations.
Building upon a model of inventory management, this paper presents a model of
optimized creativity to maximize innovation. First, the necessary amount of
creativity, demonstrated through the number of ideas to be developed given an
expected profit, can be calculated using the known development and
implementation cost of ideation. Optimized innovation leads to cost efficiency
and maximized profit. Second, our model demonstrates how the reliability of
idea generation impacts the optimal number of ideas to be developed. The
optimal number of ideas to be developed increases first as the idea generation
process gets more reliable, and then decreases. We discuss how reliability can
be increased through the enhanced effectiveness and efficiency of the ideation
process.
-Today |
349 |
 -Yesterday |
355 |
 -This Month |
22949 |
 -Last Month |
24473 |
 -All Days |
227505 |
IJBMS by IPRPD is licensed under a Creative Commons Attribution 4.0 International License.