Innovation and Risk Management Assignment

Added on - 21 Apr 2020

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Running head: INNOVATION AND RISK MANAGEMENTOil and Gas ManagementName of the Student:Name of the University:Author’s Note:Date:
1INNOVATION AND RISK MANAGEMENTExecutive SummaryIn this report the difference between invention and innovation is described. Invention is a newprocess while innovation is improvement of existing products, process and service. The energyindustry implements innovation like automation to achieve growth. In this report, the models ofinnovation especially the Pinwheel Framework developed by Mutual Life Insurance Co isapplied to Ranger Oil Company. The critical role played by systematic risk management tosuccessfully implement innovation is discussed. The management of three types of risks like thestrategy risks, preventable risks and external risks require three different approaches which areanalyzed in the report.
2INNOVATION AND RISK MANAGEMENTContentsIntroduction......................................................................................................................................3Discussion........................................................................................................................................31.1 The difference between Invention and Innovation................................................................31.2 The implementation of innovation for the achievement of growth in the energy industry. . .42) Models of Innovation..................................................................................................................43) The Role of Systematic Risk Management for the successful Implementation of Innovation...9Conclusion.....................................................................................................................................10Reference Lists..............................................................................................................................11
3INNOVATION AND RISK MANAGEMENTIntroductionMutual Life Insurance Co developed the Pinwheel Framework to address factors like athorough knowledge of business environment, the alignment of strategy throughout the businessprocess, risks, innovation and adaptability. In the Pinwheel Framework, the economic factors andcustomer trends are analyzed by an organization (Lees 2017). The next step that a businessenterprise must undertake is contemplation of the relevance of enterprise strategy. Theaspirations and metrics of an organization often require modification and the CEO and leadershipteam of an organization should discuss about the critical initiatives. The additional disruptive andinnovative initiatives are accessed by an organization before the measurement or evaluation ofstrategic performance. Ranger Oil –Calgary Canada has branches in the United Kingdom andAmerica. Ranger Energy service manages risks associated with the complex macro-environment and is well-built to handle the challenges associated with an upstream industry.The training of the crews of the organization meets the technical and safety standards to handlethe challenges imposed by the contemporary oilfield. The models of innovation and the PinwheelFramework are applied to the Ranger Oil Company and the role of systematic risk managementto implement innovation successfully is discussed.Discussion1.1 The difference between Invention and InnovationInvention is defined as creation of something new, for instance, a product or a processwhereas innovation occurs when a product or process which already exist are improved(Hout2013).A patent can be filed when something new is created by someone and it is called
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