Question

Dr. Shetty is able to drive down the cost of complex medical procedures from $100,000 to $2,000 not by doing one big thing, but rather on doing a thousand small things. This approach focuses on driving down the cost of healthcare through

A. value of input factors.
B. cost of input factors.
C. process innovation.
D. product innovation.

Answer 1

C.

Step-by-step explanation:

Innovation is the creation of a viable new offering. Managing innovations requires identifying the problems thar matter and moving through them systematically to deliver elegant solutions.

Process innovation combines adopting a process view of business functions with the application of new ideas and technology.

Tools for process innovation:

-developing assembly charts for studying conceptual framwork of material flow.

-developing process charts for studying conceptual framwork of process flow.

-benchmarking.

-financial appraisal.

-business process reengineering.