How to Prepare For the Innovation Management Exam

The innovation management exam is one of the most important exams a company can take in order to help define their strategic goals, to identify and measure the value of their investments, and to provide a framework for planning and implementing future innovations. This exam is often the first step to an MBA or PhD program and the most important of the four different exams that can be taken at the University of Chicago Booth School of Business. The following are some tips on taking the exam, as well as how to best prepare for the exam.

Although most students feel somewhat intimidated by the exam, it can actually be quite easy to prepare for. Each section of the exam requires specific reading, analysis, and research, which can easily be covered with enough practice. You should also be able to study at your own pace. Many students prepare with a plan to go through the sections one at a time, while others simply review and refresh their knowledge at the end of each test. Both methods will work just fine, so long as you are ready to sit down at the computer and study.

The most important information to review again is the history of the company, and the types of breakthroughs that led up to the current innovations. You may find that there is a lot of data to read, and you may want to start at the beginning and work your way backwards. As you work your way through the information you have gathered, you will be able to build your understanding of the company’s history, and what it takes to make it successful. In this way, the entire examination becomes easier to understand, and you will be able to apply the information learned throughout the exam. It is important that you do not skip any information, because you will want to remember it for later on during the exam.

Once you have exhausted the information from the history section and your questions about current innovations, you will need to prepare for the final exam. There are many areas that you can focus on to prepare for the exam, including the topics that you studied in your initial research, but this is one area where you can go completely freeform. One idea that has worked well for some students is to go back to the topics from the history section and then apply the ideas into the present, using examples. This approach can be very effective because you can easily demonstrate your knowledge to others with this method.

You should also consider taking an actual exam if you are not sure that you are prepared to take this type of exam. Taking an actual exam gives you the opportunity to take all of the information that you have learned and put it into a format that is similar to taking the exam you are taking. When you take the actual exam, you will see that you understand everything and feel much more confident in your ability to answer the questions that may appear on the exam.

The exam does not have to be difficult, but you should expect that there are some questions on which you will not know what you are doing or that you will be unclear on. This is perfectly normal, because you are taking the exam for the very first time. You can prepare for these questions ahead of time by making a list of them and making notes. You can then go back and write these questions on the list as you go, ensuring that you have the information that you need to properly answer them.

The last part of the exam is called the practical portion, and you should expect to spend some time on this portion. This part is not as hard as it sounds, but you must also know the basic concepts before taking this part of the exam. This part will require you to put a few examples of your current innovations to the test, and then explain how they apply to the present.

By having an idea of the general format of the exam, the concepts that you have studied, and the specific areas that you will be putting the ideas to the test, you will be better prepared for this exam. If you take your time, you can expect to ace your exam, making you a strong candidate to take the next step toward the position of Innovation Manager at your company.

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