Final answer:
The statement is true as management installing an innovation management system can aid in avoiding too few new product ideas and the failure of many good ones. This system provides a framework for efficiently managing product ideas throughout their lifecycle.
Step-by-step explanation:
The statement that management should install an innovation management system to collect, review, evaluate, and manage new-product ideas is true. Such a system can help ensure a steady supply of innovative product ideas and prevent the premature dismissal of potentially successful concepts. It can also help streamline the process of idea generation, selection, development and execution, thus reducing the risk of missing out on market opportunities and increasing the organization's chances of success in launching new products.
An innovation management system aids in the management of the product innovation lifecycle and helps to tackle the challenges of having too few new product ideas or the failure of many good ideas. It provides a structured framework for capturing innovative concepts, which can then be thoroughly vetted and developed based on their potential market impact and alignment with the company's strategic goals.