Benefits of Innovation and Risk Management Order Instructions: Number of pages: 2 (500 words or 450 words)
Benefits of Innovation and Risk Management Assignment Task
Discuss the benefits and challenges experienced as a result of completing the Innovation & Risk Management module assignment report.
Marking Criteria
Reflect upon the coursework task set at the beginning of the module involving an innovative company. (Marks: 20)
Describe the research process undertaken during the completion of your coursework assignment report. (Marks: 40)
Highlight the personal benefits and challenges you have experienced during the implementation of your research strategy and the writing of your coursework on this module. (Marks: 40)
Benefits of Innovation and Risk Management Sample Management
BENEFITS AND CHALLENGES EXPERIENCED IN COMPLETION OF THE INNOVATION & RISK MANAGEMENT MODULE ASSIGNMENT REPORT
Completing the Innovation & Risk Management module was both a fulfilling and challenging experience. Besides obtaining valuable information on innovation and risk management, it was a great opportunity to learn and understand what makes up an innovative company. This paper is a reflection of my experience in completing the Innovation & Risk Management module, the research process involved and the benefits and challenges faced on a personal level during the process.
Reflection on innovative Company and Benefits of Innovation and Risk Management
The coursework task involving an innovative company was an opportunity to learn more about the characteristics of an innovative company. Through this assignment, it was possible to identify that innovation is a major prerequisite for competitiveness and that companies must continually invest in innovation in order to create a niche for themselves. In order to be considered innovative, a company must be unique in terms of strategy, products, and services. This varies from the invention, which involves the introduction of new products (Tidd & Bessant, 2013). The task was imperative in identifying how a company can achieve growth through innovation by motivating employees to be innovative, understanding the industry standards, investing in feasible innovation and enhancing risk tolerance (Tidd & Bessant, 2013). The different models of innovation including linear, market pull, technology push, and flexible innovation models created a better understanding of the different approaches taken by companies and how each works differently to achieve business growth (Morris, Pinto & Söderlund, 2012).
The research process Benefits of Innovation and Risk Management
The research process involved the identification of the most appropriate company to focus on for the assignment. I finally settled for Burberry, an innovative luxury fashion house. This was then followed by identification of the target respondents for data collection which included managers, designers, and other corporates; and later designing of the questionnaire to be used for interviews. Coming up with a sizeable number of respondents was a challenging process due to the high number of respondents who declined to participate in the interview due to busy schedules and personal issues.
The interview process involved visiting the selected respondents in their corporate offices in London, where I conducted interviews based on the topic of study. During the data collection period, I experienced various challenges including difficulty in creating appointments. Professionals are busy individuals and setting a date for my appointments proved challenging to a significant extent. I, therefore, ended up making numerous visits to the company’s offices, which was financially and physically draining. I, however, managed to obtain all the information I required within the anticipated time.
Personal Challenges and Benefits of Innovation and Risk Management
One of the major benefits obtained from completing the assignment was enhanced knowledge on the subject through additional readings and references. Innovation and risk management is an extensively researched area and it was thrilling to learn new concepts and different views and study results. Secondly, completing the assignment helped me to further understand the concepts learned in class. During the implementation of the research strategy, I experienced personal benefits such as networking as I met various executives with whom I scheduled appointments with for the sake of the study. The second benefit was that this research strategy was a good learning point for future research. This means that the next time I undertake research will be much easier. I was faced also with the challenge of finding a conducive environment to work in. While I did most of the assignment at the library, destructions were common in other locations, such as when I attempted to work from home.
Challenges encountered include difficulty in obtaining some of the academic resources required to complete the assignment and difficulty in understanding some of the content. While it was easy to identify journal articles with particular information, for example, accessing the content required subscription, such that I could not make use of such resources. Traveling through London for these appointments was also fairly expensive, given that I sometimes missed the person I was going to see. I missed a few appointments that were canceled at last minute due to emergency engagements by the interviewees and instances where some completely forgot or overlooked the appointment.
In conclusion, I consider the Innovation & Risk Management course a good learning experience and I look forward to utilizing the knowledge and skills learned in future endeavors.
Benefits of Innovation and Risk Management Reference List
Morris, PW., & Pinto, JK., & Söderlund, J 2012V, The Oxford Handbook of Project
Management Oxford Handbooks in Business and Management, OUP Oxford, London.
Tidd, J. and Bessant, J 2013, Managing Innovation. (5th Edition) New York: John
Wiley & Sons.
