Question:
Give a brief discussion on the research process that have been undertaken at the time of coursework of this module.
Answer:
Introduction:
This particular assignment has focused to highlight different challenges as well as benefits while going through the course of innovative and risk management. In this discussion, I would like to share my own point of view how I have faced different challenges in order to conduct the course on innovative and risk management.
Discussion on the research process that have been undertaken at the time of coursework of this module
While going through the course of innovative and risk management, I had applied two primary research processes or methods with the help of which I have acquired knowledge and information regarding innovation and risk management. Positivism philosophy helped me to understand how to analyse the risk factors before innovating a new strategy inside the organization. Deductive approach helped me to make a direct case study on the various probable risk factors for business organizations in order to run their business systematically.
The necessary benefits of completing innovative and risk management module:
While completing the course of risk management I have been benefited in several factors. I have come to know how to overcome the risk factors within the innovative strategy and plan for a particular business project. For an example, the organization has selected to provide discounts on their product. It is a part of innovative strategy (Bowers and Khorakian 2014). In this situation, I as a responsible manager of customer service department have noticed that service providers are unable to make a balance between the demand and supply. As a result, it hampers the image of my organization (Akintoye and MacLeod 2014).
Therefore, this particular module has taught me how to overcome such kinds of crisis. I should change the business strategy at that period so that the demands of customers can be maintained. Either I have to enhance the workforce plan in the customer service department to tackle the situation or I should withdraw the discount offer so that balance can be maintained between demand and supply.
Challenges experienced at the time of implementation of the research strategy
Along with the benefits, I have come across immense challenges to understand the course in such a way that I can apply my knowledge and skill with the practical experience. I had to face numerous difficulties to understand what can be the effective or innovative business strategies with the help of which the product can reach in the international market and draw the attention of the international customers. I even had to suffer to analyse the appropriate risk factors before innovating a business strategy. If the risk analysis had not been made before launching the innovative plan, the organization may have to face a sudden crisis that may affect in the reputation of the business (Zwikael and Ahn 2011).
Conclusion:
The entire study has dealt to expose my point of view during the completion of the innovation and risk management module. I have categorically mentioned here what research methods I have used in order to learn various innovative strategies and risk analysing factors inside the process of business.
Reference List:
Akintoye, A.S. and MacLeod, M.J., 2014. ‘Risk analysis and management in construction’. International journal of project management, 15(1), pp.31-38.
Al-Bahar, J.F. and Crandall, K.C., 2011. ‘Systematic risk management approach for construction projects’. Journal of Construction Engineering and Management, 116(3), pp.533-546.
Bowers, J. and Khorakian, A., 2014. ‘Integrating risk management in the innovation project’. European Journal of Innovation Management, 17(1), pp.25-40.
Zwikael, O. and Ahn, M., 2011. ‘The effectiveness of risk management: an analysis of project risk planning across industries and countries’. Risk analysis, 31(1), pp.25-37.
