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Innovation and Risk Management in Oil & Gas

   

Added on  2020-04-15

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REPORT ON INNOVATION AND RISK MANAGEMENT 1 Report On Innovation and Risk Management Name Course code InstructorInstitution 10th December 2017
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2 REPORT ON INNOVATION AND RISK MANAGEMENTIntroductionInnovation and risk management skills play a vital role in entrepreneurship. Innovation is simply a better way of doing something. Normally, it is said to occur once a significant improvement is made to an existing process, service or product (Saebi & Foss 2015). This is contrary to invention which is described as the introduction or creation of a process or product for the first time. On the other hand, risk management refers to the process of accessing and analyzing potential risks before they occur and using resources to take precautionary steps to curb these risks (Robert 2018). The just concluded innovation and risk management module was primarily developed to equip the learner with skills on ways of managing risks and coming up with innovations especially in the oil and gas sector (Robert 2018).Benefits Of The ModuleUpon completing the module, I was equipped with knowledge on extensive issues that propel business continuity. These include sustainability, globalization, enterprise development, business innovation, creativity and diversity. In particular, business innovation and creativity pertains to coming up with fresh ideas that haven’t been implemented before and this is what determines whether you’ll be successful in entrepreneurship or not (Schaltegger et al. 2017). From the case studies in this module, companies such as Shell, BP and Chevron have come up with a new trend referred to as corporate venturing (Schaltegger et al. 2017). As such, it involvesinvesting in upcoming businesses which not only increases their exposure to a vast array of technologies but also helps them to balance their innovation portfolio (Schaltegger et al. 2017).This module also equipped me with risk management skills. I was able to sharpen my critical thinking skills. Consequently, I was able to differentiate assumptions from false logic.
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