Introduction According to Schilling (2012), developing innovative novel projects in order to initiate products or services really takes considerable time, uses a tremendous budget, as well as is extremely risky. As mentioned in Schilling (2012), there are a lot of evidences that indicates the majority of projects is failed. Consequently, it is important for each organization to emphasize on considering which projects are worthwhile for the investment and time-consuming and whether the projects are pursued with a meticulous and well-organized development process (Schilling, 2012). There are two methods in evaluating and choosing innovation projects including quantitative and qualitative method or using combination of both methods (Schilling, 2012).
In this paper, I will discuss how each can method apply to my final project and recommend a particular method to use for the business scenario. Besides, clarifying that whether the recommended method suggests the same innovation I chose in my final project.
Quantitative Methods According to When is it better to do qualitative or quantitative research? (2010), Quantitative methods are suitable for analyzing …show more content…
According to Conjoint Analysis (N.d.), conjoint analysis associates with presenting people with different kinds of choices and evaluating which one is the best choice. The output of conjoint analysis is a measurement of values and is appropriate for answering questions, for instance, “Which should we do, create more functions, or reduce price down or increase price but improve quality?”. As a result, this method helps create scenarios of market models, which enables to estimate which products or features are suitable for the current market (Conjoint Analysis,
In this paper, I will discuss how each can method apply to my final project and recommend a particular method to use for the business scenario. Besides, clarifying that whether the recommended method suggests the same innovation I chose in my final project.
Quantitative Methods According to When is it better to do qualitative or quantitative research? (2010), Quantitative methods are suitable for analyzing …show more content…
According to Conjoint Analysis (N.d.), conjoint analysis associates with presenting people with different kinds of choices and evaluating which one is the best choice. The output of conjoint analysis is a measurement of values and is appropriate for answering questions, for instance, “Which should we do, create more functions, or reduce price down or increase price but improve quality?”. As a result, this method helps create scenarios of market models, which enables to estimate which products or features are suitable for the current market (Conjoint Analysis,