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Innovation and Risk Management
Learn how to use innovation in your risk managementPreview the first lesson free — get full access to all 6 lessons.
Advanced Provider : Andrea Terrell 6 Lessons · 19m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Strong risk management programs understand that innovation is necessary for growth and survival. Innovation and risk are inherently linked. Leaders should enhance their decision-making skills to push for optimal innovation and be prepared to identify and effectively resolve the risks that occur along the way.
In the course, Innovation and Risk Management, you will learn that risk-taking is essential for innovation to occur and how this leads to organizational success. At the same time, you will realize that as organizations push for more innovation, they must deal with any conflicts that arise. You will understand how to recognize these conflicts, balance the risks and rewards of innovation, and that even failures in innovation can produce positive results for future innovation projects. You will be able to categorize the types of decisions that leaders make in managing innovations. You’ll understand the five specific stages of the Stage-Gate Approach in new product development. You will recognize the impact of innovation and effective risk-taking in the marketplace, and discover how these can result in competitive advantage.
What You'll Learn
- Discover the relationship between risk management and innovation
- Understand how leaders can use innovation failures to their advantage
- Define 'The Innovator's Dilemma'
- Identify the five stages of the Stage-Gate Approach in new product development
- Categorize the types of decisions leaders make in managing innovations
- Discover how companies can use risk and innovation for competitive advantage
Key Takeaways
- Innovation and risk are inherently linked, and risk-taking is essential for innovation to occur.
- As organizations push for more innovation, they must recognize and resolve the conflicts that arise.
- Even failures in innovation can produce positive results for future innovation projects.
- Leaders can balance the risks and rewards of innovation to drive organizational success.
- Effective innovation and risk-taking in the marketplace can result in competitive advantage.
Frequently Asked Questions
Who is this course for?
This course is designed for leaders who want to enhance their decision-making skills to push for optimal innovation and be prepared to identify and effectively resolve the risks that occur along the way.
What will I learn about the Stage-Gate Approach?
You will understand the five specific stages of the Stage-Gate Approach in new product development.
Does the course address failures in innovation?
Yes. You will learn how leaders can use innovation failures to their advantage and that even failures in innovation can produce positive results for future innovation projects.
What topics do the lessons cover?
The lessons cover Introduction, Anticipating Risk in Innovative Strategy, Balancing Risk and Reward in Innovation, Decision-Making in Risk Management, From Risk to Competitive Advantage, and a Test Your Knowledge section.
How can innovation lead to competitive advantage?
The course explains how recognizing the impact of innovation and effective risk-taking in the marketplace can result in competitive advantage.
