Discuss the benefits and challenges experienced as a result of completing the Innovation & Risk Management
Highlight the personal benefits and challenges
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 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 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.
Chew, D. (2008). Corporate risk management. New York: Columbia University Press.
Chorafas, D. (2007). Risk management technology in financial services. Burlington, MA:
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 &
Sons. Ong, M. (2006). Risk management. Burlington, MA: Academic Press/Elsevier