NG3S859 - Innovation and Entrepreneurship 01 Sep 2017 - 31 Aug 2024 | Version 1
Associated Module Information
| Module Code: | NG3S859 | ||
|---|---|---|---|
| Module Title: | Innovation and Entrepreneurship | ||
| Faculty: | Faculty of Computing, Engineering and Science | ||
| Faculty Group: | Information and Electronics | ||
| Faculty Sub Group: | Electronics | ||
| Module Leader: | Rob Locke | ||
| Module Team: | Philip Hughes, Nigel Copner | ||
| First Intended Intake: | MAR 2017 | Final Year of Intake: | |
| Date Closed: | |||
| Credit Value: | 20 | Credit Level: | 6 |
| Language: | English | ||
| Percentage of Module Taught in Welsh: | 0 | ||
| Equivalent Module: | |||
| HECOS codes: | |||
| HECOS Code Weighting: | |||
Document Version Information
| Version | 1 |
|---|---|
| Valid From | 01 Sep 2017 |
| Valid To | 31 Aug 2024 |
Module Aims
The aim of this module is to develop an understanding of current practices related to the daily operations of businesses and to develop the ability of the student to critically apply the underlying theories, concepts and skills involved in bringing innovative products to commercial success by taking students through the product life cycle steps from the initial research and innovation, to managing the technical aspects of design and production and finally providing students with the tools necessary for entrepreneurial and commercial success.
Content Summary
Product innovation and adoption models:
Importance of research and development
Barriers to entry, including technological barriers. Supply and demand scenarios; concept of elasticity; production costing and economies of scale.
Innovations models: phase gate model, open vs closed, individual vs organisational, technology push vs market pull, user innovation, evolutionary innovation, disruptive innovation.
Intellectual property, its protection, licensing and strategies
The product life cycle and associated models
Product Management :
Defining product specifications. Quality Function development for translating customer requirements into final products.
Product investment Appraisal: Net Present Value, Accounting Rate of Return, payback period, Product Portfolio management: Expected Commercial Value analysis.
Make and buy decisions - Subcontracting decisions and vendor assessment.
Overview of contracts, copyright and patent laws.
Design constraints, product environmental footprint, eco-design, regulatory constraints, WEEE and EuP directives, EU’s Integrated Product Policy.
Benchmarking - establishing and updating development targets to reflect external trends.
Project planning: WBS (Work Breakdown Structure) planning methodology. Gantt and project network (PERT) charts. Resource level management. Using software packages to create project plans. Risk identification and contingency management.
Project organisation and leadership. Project teams. Project team development. Effective team management, communications and co-ordination mechanisms. Learning styles, Team Dynamics.
Product cost reduction methods and value engineering.
Design Controls: Design and contract review, Configuration control, IS09000 requirements and implications, The management of computer integrated development systems.
Marketing and sales: Market segmentation, brand development and its importance. Promotional techniques. Sales management and customer relationship management.
Entrepreneurship:
Market viability of new venture ideas and market definition; Strategies for product positioning, marketing and operations; resources(e.g., people, financing etc.) required for starting up and operation of a new venture and how to acquire them.
What financiers seek in business proposals, Development and Presentation of a proposal.
Operational and capacity issues of start up and development of a new venture, choosing an Exit Strategy.
Accrual and depreciation principles in financial statements, and introduction to P&L and Balance Sheet accounts. Interpretation of financial statements and identification of key variables.
Learning and Teaching Methods
| Activity Type | Hours |
|---|---|
| Tutorial | 48 |
| Independent Study | 72 |
| Directed Study | 80 |
| Total Hours Selected | 200 |
Learning Outcomes
| # | Learning Outcome |
|---|---|
| LO1 | Define and apply management skills necessary to support the design, manufacture and marketing of innovative products while abiding by the legal and regulatory constraints. |
| LO2 | Analyse and apply entrepreneurial and management processes in identifying, developing and marketing new products. |
Module Requisites
N/A
Assessment Criteria
| Assessment Category | Assessment Type | Description | Duration | Word Count | Weight (%) | Best of? | Pass Mark |
|---|---|---|---|---|---|---|---|
| Project Output | Project Output 1 | Project 1 | 0 | 3000 | 50 | No | 40 |
| Written Assignment (CW) | Case Study (CW) 1 | Assignment 1 | 0 | 3000 | 50 | No | 40 |
Assessment Matrix
| Assessment Type | Learning Outcomes | ||
|---|---|---|---|
| LO1 | LO2 | ||
| Project Output 1 | ✔ | ✔ | |
| Case Study (CW) 1 | ✔ | ✔ | |