Ask a question from expert

Ask now

Innovation and Risk Management Assignment

15 Pages2968 Words126 Views
   

Added on  2020-04-21

Innovation and Risk Management Assignment

   Added on 2020-04-21

BookmarkShareRelated Documents
Running head: INNOVATION AND RISK MANAGEMENTOil and Gas Management Name of the Student:Name of the University:Author’s Note:Date:
Innovation and Risk Management Assignment_1
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.
Innovation and Risk Management Assignment_2
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
Innovation and Risk Management Assignment_3
3INNOVATION AND RISK MANAGEMENT Introduction Mutual 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.Discussion 1.1 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
Innovation and Risk Management Assignment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Risk Management and Innovation in BP PLC
|14
|3203
|392

Report on Innovation and Invention in Oil and Gas Industry
|16
|3319
|144

Innovation and Risk Management
|4
|712
|70

Innovation and Risk Management- Assignment
|4
|731
|137

Reflective Log: Innovation and Risk Management
|4
|669
|166

Innovation and Risk Management TABLE OF CONTENTS
|10
|2768
|56