Why is concept of risk essential to change and innovation

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Reference no: EM132304567

Do not neglect the old for the new. The existing business must not lose priority simply because an innovative idea has been suggested. Successful innovation requires support from the existing business in terms of finance and other resources. However, when assessing risk, you must take into consideration the impact the new activities are likely to have on the existing activities. One aspect of risk assessment should involve determining whether the new ideas/ improvements or innovations will prevent the already successful operations from continuing to operate at the currently accepted level.

Choose an organisation you are familiar with. This might be an organisation you work for or you might need to conduct research into another organisation. Answer the following questions in relation to your chosen organisation, explaining and giving verifiable reasons for your answers:

Do you consider that the organisation is prepared to take risks in order to succeed?

Why is the concept of risk essential to change, innovation and the marketplace success of organisations?

What is the organisation’s attitude toward failure, mistakes and/or lack of success at the organisational level and the personal or individual level?

How does this make employees feel with regard to making suggestions, proposing new ideas or attempting to develop new products, services or markets?

How do you think mistakes should be viewed, if the organisation is to proactively support innovation and change?

How can frontline managers encourage and support employees so that they contribute new and innovative ideas?

What kinds of work conditions and procedures are in place or should be in place to support innovation?

What barriers to innovation exist within the organisation?

How can managers lead by example when it comes to innovation?

What training or learning opportunities might be provided so that employees can develop appropriate innovation skills?

Why do you think managers should regularly evaluate their own approaches for consistency with the wider organisational or project context?

How does the organisation’s physical environment support innovation? How might it need to be changed?

Outline any legislative framework that impacts on operations in the relevant workplace context.

2,500–3,000 words

Carry out your own research as needed. Cite any sources used.

Reference no: EM132304567

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