Describe with your own example how change promotes innovation?
Discuses briefly contingency framework for using decision models?
Briefly explain about dimensions of environmental uncertainty with critical examples?
Change promotes innovation by creating new challenges and opportunities that require individuals and organizations to think creatively and come up with new solutions. For example, the emergence of the COVID-19 pandemic brought about various changes in the way businesses operated, leading to innovations such as remote work technologies, contactless payments, and new health and safety protocols.
Contingency framework for decision models involves taking into account the specific circumstances and conditions that can impact the effectiveness of a decision-making model. This framework acknowledges that there is no one-size-fits-all approach to decision-making and emphasizes the need to adapt the decision model based on the unique context in which it is being applied.
Dimensions of environmental uncertainty refer to the various factors that can make it difficult for organizations to predict and respond to changes in their external environment. These dimensions include complexity, dynamism, and richness. Complexity refers to the number and variety of factors that can influence the environment, while dynamism refers to the speed and predictability of changes in the environment. Richness refers to the amount of information available to organizations about the environment. For example, in the fast-paced technology industry, organizations face high levels of uncertainty due to rapid changes in consumer preferences and advancements in technology.