Innovation and management risk
Describe the research process undertaken during the completion
Highlight the personal benefits and challenges you have experienced during the
implementation of your research strategy and the writing
Benefits and challenges experienced as a result of completing the Innovation & Risk
Management Module.
Introduction
The concept of innovation involves coming up with new ideas. The process is not
complete without the incorporation of the new ideas in the real life situations. Currently,
businesses rely on setting targets to achieve the objectives of the business. As such, the
businesses implement appropriate strategies to meet the goals of innovation together with those
of the overall business(Chorafas, 2007). The outcomes of the strategies have to be ascertained
appropriately to make sure that the progress of the businesses is monitored. The innovation
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process will lead to the generation of new products or services depending on the type of the
business(Creelman and Smart, n.d.).
Undertaking the strategies to generate new products will entail the company in question
taking numerous risks. As such, the company has to employ risk management to the strategies of
innovation to ascertain the levels of the risk. The innovation and risk management module was
carried out to facilitateunderstanding the interrelationship between the concepts of innovation
and risk management(Creelman and Smart, n.d.). At the completion of the module the objectives
of the study were partially realized.
Benefits of undertaking the module
One of the benefits that were realized by the completion of the module was the amount of
the knowledge gained. The module entailed a lot of research on the topics. The numerous
information that I gained when undertaking the research expanded my knowledge on the subject.
The research was intensive and involved a lot of review on literature and other sources. As such,
my knowledge on the fields of innovation and risk management significantly intensified.
Additionally, I learned the different methods of collecting useful data in a research setting.
Furthermore, the application the theoretic information in a real life case study provides clarity
and understanding of the subject matter(GENUS and COLES, 2006).
The other benefit is that the module provided a practical way of achieving knowledge
away from the theoretical setting. The module provided a chance to sharpen my skills on the
issues of data collection and my analysis skills as well as the ability to create flow of information
through a study. Furthermore, the study highlighted the major weak points as well as my strong
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points in the learning environment. Finally, the completion of the module gave me the
gratification of achievement. The successful completion of the study marked the achievement of
the research objectives(GENUS and COLES, 2006).
Challengesexperienced during the implementation of your research strategy
The major challenges that I faced mostly were related to the choice of relevant literature
sources to back my research. Finding the relevant sources of information is an integral part of
research. In relation to this was the identification of the appropriate methodology to conduct the
research. Another challenge that I faced was the assembly of the pieces of information from the
different sources and arranging them to make a coherent report(Ong, 2006).
The other challenge was the massive requirement of the resources. Some sources did not
provide complete information therefore I was forced to review the different sources to as to
create a comprehensive and articulate research. In addition, some of the sources provided in
accurate information that was misleading and the therefore derailed the completion of the
project. The research required intensive review of scholarly literature as well as other material
sources. Additionally the research required a lot of time to ensure comprehensive coverage.
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References
Chew, D. (2008). Corporate risk management. New York: Columbia University Press.
Chorafas, D. (2007). Risk management technology in financial services. Burlington, MA:
Butterworth-Heinemann.
Creelman, J. and Smart, A. (n.d.). Risk-based performance management.
GENUS, A. and COLES, A. (2006). FIRM STRATEGIES FOR RISK MANAGEMENT IN
INNOVATION. Int. J. Innov. Mgt., 10(02), pp.113-126.
Hull, J. (2012). Risk Management and Financial Institutions, Web Site (Vol. 733). John Wiley &
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Sons.
Ong, M. (2006). Risk management. Burlington, MA: Academic Press/Elsevier.
