The Complete Guide to Business Risk Management

Questions: 1. Discuss the benefits and challenges you have derived from undertaking?2. Environmental Management for Sustainable Development?3. Challenges Experienced after the completion of the research strategy? Answers: 1. Research Process Undertaken during the completion of the research process: Sadgrove (2015) opined that innovation and risk management plays a crucial role to enhance the critical skills of any entrepreneur. Innovation is a process of bringing new ideas into an organization and risk management is the process of using the resources to minimize the risks. Innovation is termed as a complex process which comprises of many stages. For implementing any new ideas in an organization, it requires investments within the time for improving the efficiency and effectiveness of the organization. According to Bowers and Khorakian (2014), innovation is the development of customer value with several solutions to meet the requirement of the existing market by providing new solutions for the customers. The solution includes useful products, services and processes for the organization. From the organizational view, the management team motivates innovation for increasing the productivity with the help of executing current processes that can improve the competitive advantage of the market (McNeil, Frey and Embrechts 2015). 2. Benefits experienced after the completion of the research process: Innovation in an organization is very much essential to increase their productivity, performance, and efficiency. The major benefits of innovation are as follows: Firstly, there are several innovations available in the market which helps to reduce the unit costs of any product. This process can be achieved by enhancing the flexibility and production ability of any organization which is turn allows exploiting economies. Secondly, by using the innovative thoughts better quality products can be manufactured which will meet the customer needs by increasing the profits and sales (Rowsell et al. 2014). Thirdly, the organizations that are bounded by limited product range can get benefit by using the innovative thoughts. Fourthly, powerful, creative thoughts can help an organization to achieve unique selling proposition and which in turn help their business organization to differentiate itself from other companies (Sadgrove 2015). Fifthly, with the help of innovation the business organizatio n can lessen the emission of carbon in the atmosphere by changing the product legislation. 3. Challenges Experienced after the completion of the research strategy: According to Sadgrove (2015), some business organizations are there in the market where the innovation cannot be implemented. Many innovative products are available that are very hard to protect. In this new era of a competitive market, every business organizations are trying to implement creative thoughts and technologies. Innovation allows the organizations to accept challenges by gaining more market share and enhancing the growth (McNeil, Frey and Embrechts 2015). When the development timescale is more, the risk factor will also increase accordingly (Rowsell et al. 2014). The innovation process consists of three different elements that allow the organization to maintain the risk management process which includes the operational sector of the organization can be affected while implementing innovation and which results in failure to meet the cost, quality, and scheduling needs. The challenge of Innovation is that it hampers the commercial returns and which in turn affect the future profits and revenues of the organization. While the challenge of risk management is present in the commercial and financial sector of the organization which results in inability to attract the customers and also results in investing in ineffective innovative projects (Bowers and Khorakian 2014). References Bowers, J. and Khorakian, A., 2014. Integrating risk management in the innovation project.European Journal of Innovation Management,17(1), pp.25-40. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Penning-Rowsell, E.C., De Vries, W.S., Parker, D.J., Zanuttigh, B., Simmonds, D., Trifonova, E., Hissel, F., Monbaliu, J., Lendzion, J., Ohle, N. and Diaz, P., 2014. Innovation in coastal risk management: An exploratory analysis of risk governance issues at eight THESEUS study sites.Coastal Engineering,87, pp.210-217. Sadgrove, M.K., 2015.The complete guide to business risk management. Ashgate Publishing, Ltd..