Free Samples
POG340 Innovation And Risk Management
.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}
POG340 Innovation And Risk Management
0 Download10 Pages / 2,487 Words
Course Code: POG340
University: Greenwich School Of Management
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Questions:
1. Identify the difference between invention and innovation and how innovation can be successfully implemented to achieve growth in the energy industry.
2. Demonstrate a critical awareness of the different models of innovation and how they apply to the oil and gas industry case studies.3. Evaluate the role of systematic risk management in the successful implementation of innovation.
Answer:
Introduction of Mass-Mutual
Mass mutual was founded in Springfield Massachusetts, in 1851. It runs its operations for the benefit of its policy owners and members. With over $600 billion of asset under management, it is a member of health provider and owned life of global scale in Fortune 100. During the financial crisis of 2008/2009, Maas Mutual came stronger than many competitors and peers. The employee strength of Mass Mutual is 10,614. However, the new CEO was convinced with the experience and board decided to introduce more formal governance strategies around, including improvement in alignment and greater transparency. It developed between process of strategic planning process and financial planning. The introduction of BP plc a UK based Oil and Gas Company, rotation of Pinwheel and the applicability of Pinwheel rotation on BP plc is described (CGMA, 2014).
Introduction of BP plc
BP plc previously a British Petroleum company, is a multinational company of Oil and Gas headquartered in London. Earlier it was world’s seventh largest oil and gas company, but it’s performance in the year 2012 made it sixth largest Company in the world by its market capitalization (BP, 2013). It ranked 12th with its revenue and is integrating in all areas of Oil and Gas industry vertically. It includes refining, exploration, distribution, production, and marketing. By the end of 31st December 2017, the operation of BP were running worldwide in 70 countries, and barrels of around 3.6 million produced per day equivalent of oil. It had 18.441 billion barrels in total of reserves equivalent to oil. The company owns around 18,300 service stations (Kerzner and Kerzner, 2017). The largest division of the company is BP America in United States. In Rosneft, BP owns 19.75% stakes; the world’s largest trading company publically of Oil and Gas by reserves of hydrocarbon and production. It is a constituent of the FTSE 100 Index and holds a primary listing in the London Stock Exchange. The secondary listing is on Stock Exchange of Frankfurt and Stock exchange of New York. The Anglo-Persian oil company was the origin of BP in 1908 as subsidiary of Burmah Oil Company, to exploit discoveries of oil in Iran (BP, 2017).
Pinwheel rotation procedure
Evaluate intelligence of business: This process starts with an in-depth broad trend analysis. The fundamental trend to effective planning and governance is the business trends and conditions for a sound global understanding. For having a thorough review of external forces and factors, one has to use the tool widely for leaving an impact, which will affect the business potentially. For evaluation of MassMutual, key considerations business intelligence and relevant competitor are required.
Refine strategic vision and purpose: After obtaining the key external factors and significant trends through an understanding, refining the vision and purpose is the next step. To influence and revise the purpose, strategic priorities, purpose MassMutual is an opportunity and a key to strategy to enterprise. It defines the purpose as in order to help people to secure and protect their future of their loved ones. Its vision is to be the superior in its financial strengths and to be the best company with the high quality customer experience and high dividend.
Define goals and aspirations: A compelling and clear aspirational goals unified by focal point efforts determine aspirations and goals. Its finish line is clear, so that organization can know when it needs to achieve the goals. The purpose and vision, which reflect the long-term perspective, which articulates non-financial and financial specific targets, include 2020 aspirational MassMutual examples.
Development of strategic priorities: CEO and his leadership team set the strategic priorities and they become pillars to all universal subsidiaries, which used by the company to set the motions in order to achieve the aspirational goals. The resource allocation of all subsequent tactical or operational planning based on driving the strategic priorities. For strategic agility and cultural change, an innovation is required in the process of dynamic planning and strategy process.
Identify critical initiatives: All critical initiatives used to guide strategic priorities towards aspirations. The owners of critical initiative are clear and linked with reward mechanism. Critical initiatives or programmes, aspirations, visions and ensure alignments of purpose identified in this step. The CEO funds some of these critical initiatives in order to ensure if they are fund and managed.
Integrate operating plans, projects, and budgets: After identifying critical initiatives, more operating plans and detailed projects are built and incorporated into one year of track performance and to monitor budget three year of operating. This step helps to consider the key project milestones, owners and measures as well it defines indicators of financial and non-financial performance (Morrison, 2017).
Monitor critical initiatives: The effective governance does not constitute the financial budgets and targets established for performance reviewing. The non-financial performance indicators entail effective oversight monitoring and the execution of successful strategy, the realisation of organizational visions and long-term goals. The CFO and financial controller along with the FP&A team support in the achievement of specific projects critical initiative.
Assess strategic performance: Along with the performance of competitors, corporate governance also evaluates gains, and losses in competitive position and the market and brand share as well. This tells about the evaluation of ongoing strategic position of the organization and options of competitive advantage against the peers. The board of directors and executive leadership team strategies the requirement of effective corporate governance. The external actions and management actions need to be separate in order to assess strategic performance, which is critical performance to perform (Lees, 2017).
The risk mangement associated with the project and the measures to mitigate the risk associated. The diagram shows the integrated risk and the pinwheel risk managenent procedure in context of organization and the various factors putting the effect on the organization.
The above diagram shows the procedure of completing a project, from the planning to analysis of the ideas to execution of the ideas. This helps in execution of the project plan successfully.
Risk management Pinwheel action framework to BP plc
Business intelligence evaluation: The conditions and global business trends need to understand by BP in order to implement risk management of pinwheel, in the oil and gas industry. The PESTLE used as one of the tool to gather the intelligence of business, a tool that determines the political, legal, technological, environmental, economic, and social factors, which can affect the oil and gas industry.
Refinement of strategic purpose and vision: In order to revise its purpose BP PLC will provide the step to take a chance, strategic priorities, visions, and aspirations. The company’s vision should be clear and consistent for concerning the priorities of its risk management. BP PLC’s vision is to attain respect, courage, excellence, security, and team of creative cohesive. To be successful this need to be link with initiatives of management.
Defining aspirations and goals: The aspirations and goals of BP must be clear that need to be consistent with the objective of its risk management objectives. For example, the security should define as the major goal and aspiration of the company within the industry. This will help not to develop appropriate objectives of risk management (Sayle, 2017).
Determining strategic priorities: The pillar for BP will be the strategic priorities top management has set to all the subsidiaries that set it to achieve its aspirations and goals. The allocation of resources will direct by strategic priorities (Sammer, Witt, and Bacon, 2015).
Identification strategic priorities: The critical initiatives, which are most important, should be analysed by BP and the initiatives, which will help to attain its vision, purpose, and aspirations. The top management and leadership should support these initiatives.
Integration of project, budget, and plan: The detailed project in which risk management efforts are required need to be developed, and then those projects will incorporate BP PLC. In their short term and long-term plans and a budget will develop in order to accomplish the projects. At the time of implementing the projects, there is a need to ensure collaboration and a spirit of team effort in the teams of departments in the organization.
Monitoring of critical initiatives: Monitoring and evaluation of risk and its overall impact on the organization for the management of projects should be an ongoing process at BP PLC. With the help of this process, company will be able to identify its potential risk associated with the projects and the ways to mitigate these risks (Beale, 2008).
Assessment of the strategic performance: Finally, the tailored information concerning the strategy of information of BP PLC executive should know how to assess the performance of the organization frequently. The essential information should be involved in the strategic performance required for evaluation and monitoring of organization’s strategic execution. In addition, a long-term objective of the organization must be the ability to identify the achievement of risk. Finally, the organization should be able to identify risks related to requirements of reporting and compliance.
Systematic risk management’s role in the implementation of successful innovation
The actual or potential enterprises with innovative product lines are associated with risks are treated in this paper. The risk management’s generic methodology followed, the risk identification, analysis of risk, selection, and evaluation of risk and measures to reduce it and implementation of methodology and follow up action. This is made on some refinement based on risk factors of controllability. The risk management’s aim is to protect the property, income, and different activities of a company at time of minimising the cost in general. The risk associated with events may put negative or positive impact on the enterprise (Rogers, 2017). The process of risk management starts with an identification of taxonomy-based risk where risk factor are check by potential checklists. Questionnaires used to evaluate and analyse the quality of risk identified by the experts. When the ranking and prioritizing the risk is completed the reducing, measures of negative risk selected. If necessary, the quantitative study supplements the qualitative study. For a specific point of decision, support of complete package is result. After the decisions made, the implementation of any risk reduction measure is possible and the consideration tracked at the next decision point (Bowers and Khorakian, 2014).
The qualitative estimation of consequences and likelihood depends on the important framework of risk assessment. The consideration should not make probabilities as likelihoods of qualitative estimates. For prioritizing, the qualitative risk technique of approximate Delphi used at the point of assessment. The priority of quantity of risk estimated on standard of scale of five-point. The priority risk factor of high-risk deserves an attention. The estimated risk priority may not be in the same size as of proportional negative impact key performance specific indicators like profit. Instead, the impact as a likelihood product realised through the vision associated with factors of risk and estimation of vision impact. When taxonomy defined as comprehensive if, the structure is dynamic and open-ended and the nodes cover the risk factors union intended to represent risk factors known to enterprise and relevant for it. In the innovation life cycle, risk taxonomy used as a checklist in order to make decision. The risk taxonomy might prove comprehensive foe one enterprise but not for the other (Hopkin, 2017).
Conclusion
The detailed analyses on Mass Mutual, Pinwheel rotation procedure, a brief introduction of BP PLC, applicability of Pinwheel action framework of risk management on BP PLC and role of systematic management risk on implementation of innovation made. The BP PLC is an oil and gas company and ranked at world’s seventh biggest Oil and Gas Company. Mass Mutual established as a Life Insurance Company in 1851 having five million clients. The total employee strength makes Mass Mutual even stronger in the form of resources. The crisis of 2008/09 made it even stronger in financial terms. The Pinwheel rotation procedure includes eight steps, which starts with evaluation, refinement of vision, defines goals, development of priorities, identify initiatives, integration of budgets, monitoring of initiatives and at last assess the performance. The similar Pinwheel frameworks are applicable in the BP PLC risk management actions in a way to protect and secure the interest of company. The initiatives are critically identified and monitored in order to mitigate risk. The above study also signifies the role of systematic risk management to implement the successful innovation. It says that the business associated with the innovative products is also associated with risk. Therefore, a risk management generic methodology process followed to mitigate it.
References
Beale, J.C. (2008) SELECTING RISK CONTROL MEASURES – WHY ORGANIzATIONS OFTEN DEMONSTRATE POOR RISK MANAGEMENT [online]. Available from: https://www.icheme.org/communities/subject_groups/safety%20and%20loss%20prevention/resources/hazards%20archive/~/media/Documents/Subject%20Groups/Safety_Loss_Prevention/Hazards%20Archive/XX/XX-Paper-02.pdf. [Accessed 03-07-2018].
Bowers, J. and Khorakian, A. (2014) Integrating risk management in the innovation project. European Journal of innovation management, 17(1), pp. 25-40.
(2013) Annual Report and Form 20-F 2013[online]. Available from: https://www.bp.com/content/dam/bp/pdf/investors/bp-annual-report-and-form-20f-2013.pdf. [Accessed 03-07-2018].
(2017) A year of strong delivery and growth BP Annual Report and Form 20-F 2017[online]. Available from: https://www.bp.com/content/dam/bp/en/corporate/pdf/investors/bp-annual-report-and-form-20f-2017.pdf. [Accessed 03-07-2018].
CGMA. (2014) Aligning strategy, planning and risk processes at MassMutual [online]. Available from: https://www.joannesammer.com/wp-content/uploads/2014/09/1-Pinwheel-Mass-Mutual-Case-Study_FINAL_web.pdf. [Accessed 03-07-2018].
Hopkin, P. (2017) Fundamentals of risk management: understanding, evaluating and implementing effective risk management. United Kingdom: Kogan Page Publishers.
Kerzner, H. and Kerzner, H.R. (2017) Project management: a systems approach to planning, scheduling, and controlling. United States: John Wiley & Sons.
Lees, G. (2017) The management accountant as risk manager. The Routledge Companion to Accounting and Risk. United Kingdom: Taylor & Francis.
Morrison, J. (2017) OKLAHOMA VIRTUAL CHARTER ACADEMY ADDRESS THE FIVE ELEMENTS OF COGNITIVE ENGAGEMENT: AN INTERPTRETIVIST CASE STUDY [online]. Available from: https://shareok.org/handle/11244/50901. [Accessed 03-07-2018].
Rogers, B.H. (2017) The marketing performance credibility gap: The growing importance of developing financially credible measures of the contribution of marketing to enterprise value, profits and growth. Applied Marketing Analytics, 3(3), pp. 194-198.
Sammer, J., Witt, K.W., and Bacon, R.P. (2015) 8 best practices for aligning strategy, planning, and risk [online]. Available from: https://www.gaaaccounting.com/8-best-practices-for-aligning-strategy-planning-and-risk/. [Accessed 03-07-2018].
Sayle, J. (2017) LEARNING, SHARING, GROWING–SEL TOGETHER!.[online]. Available from: https://core.ac.uk/download/pdf/94148555.pdf. [Accessed: 03-07-2018].
Staats, K., Pantridge, E., Cavaglia, M., Milovanov, I. and Aniyan, A. (2017) TensorFlow enabled genetic programming. In Proceedings of the Genetic and Evolutionary Computation Conference Companion. 17, pp. 1872-1879.
Staklis, S., Foster, L.R., Klein, S. and Payne, J. (2017) New Skills for Youth 2017 [online]. Available from: https://www.ccsso.org/sites/default/files/2017-11/NSFY_Annual_Report.pdf. [Accessed 03-07-2018].
Subramaniam, A., (2009) Risk management framework [online]. Available from: https://www.slideshare.net/anandsubramaniam/risk-management-framework [Accessed 10-07-2018].
Free Membership to World’s Largest Sample Bank
To View this & another 50000+ free samples. Please put
your valid email id.
Yes, alert me for offers and important updates
Submit
Download Sample Now
Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.
UploadUnique Document
DocumentUnder Evaluation
Get Moneyinto Your Wallet
Total 10 pages
PAY 6 USD TO DOWNLOAD
*The content must not be available online or in our existing Database to qualify as
unique.
Cite This Work
To export a reference to this article please select a referencing stye below:
APA
MLA
Harvard
OSCOLA
Vancouver
My Assignment Help. (2021). Innovation And Risk Management. Retrieved from https://myassignmenthelp.com/free-samples/pog340-innovation-and-risk-management/generic-methodology.html.
“Innovation And Risk Management.” My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/pog340-innovation-and-risk-management/generic-methodology.html.
My Assignment Help (2021) Innovation And Risk Management [Online]. Available from: https://myassignmenthelp.com/free-samples/pog340-innovation-and-risk-management/generic-methodology.html[Accessed 18 December 2021].
My Assignment Help. ‘Innovation And Risk Management’ (My Assignment Help, 2021)
My Assignment Help. Innovation And Risk Management [Internet]. My Assignment Help. 2021 [cited 18 December 2021]. Available from: https://myassignmenthelp.com/free-samples/pog340-innovation-and-risk-management/generic-methodology.html.
×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}
×
Thank you for your interest
The respective sample has been mail to your register email id
×
CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.
Account created successfully!
We have sent login details on your registered email.
User:
Password:
MyAssignmenthelp.com has assembled a team of extraordinarily talented and knowledgeable PhD qualified online dissertation experts to provide students required dissertation writing help in Canberra, Adelaide, Perth, Melbourne, Sydney and other parts of Australia. Students can buy dissertation online from us with three simple steps. Auditing dissertation help, history dissertation help, geography dissertation help, maths dissertation help are few popular services under our dissertation writing assistance.
Latest Management Samples
div#loaddata .card img {max-width: 100%;
}
MPM755 Building Success In Commerce
Download :
0 | Pages :
9
Course Code: MPM755
University: Deakin University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answers:
Introduction
The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2…
Read
More
SNM660 Evidence Based Practice
Download :
0 | Pages :
8
Course Code: SNM660
University: The University Of Sheffield
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answers:
Critical reflection on the objective, design, methodology and outcome of the research undertaken Assessment-I
Smoking and tobacco addiction is one of the few among the most basic general restorative issues, particularly to developed nations such as the UK. It has been represented that among all risk segments smoking is the fourth driving purpose behind infections and other several ailments like asthma, breathing and problems in the l…
Read
More
Tags:
Australia Maidstone Management Business management with marketing University of New South Wales Masters in Business Administration
BSBHRM513 Manage Workforce Planning
Download :
0 | Pages :
20
Course Code: BSBHRM513
University: Tafe NSW
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Task 1
1.0 Data on staff turnover and demographics
That includes the staffing information of JKL industries for the fiscal year of 2014-15, it can be said that the company is having problems related to employee turnover. For the role of Senior Manager in Sydney, the organization needs 4 managers; however, one manager is exiting. It will make one empty position which might hurt the decision making process. On the other hand, In Brisba…
Read
More
MKT2031 Issues In Small Business And Entrepreneurship
Download :
0 | Pages :
5
Course Code: MKT2031
University: University Of Northampton
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and c…
Read
More
Tags:
Turkey Istanbul Management University of Employee Masters in Business Administration
MN506 System Management
Download :
0 | Pages :
7
Course Code: MN506
University: Melbourne Institute Of Technology
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Introduction
An operating system (OS) is defined as a system software that is installed in the systems for the management of the hardware along with the other software resources. Every computer system and mobile device requires an operating system for functioning and execution of operations. There is a great use of mobile devices such as tablets and Smartphones that has increased. One of the widely used and implemented operating syste…
Read
More
Tags:
Australia Cheltenham Computer Science Litigation and Dispute Management University of New South Wales Information Technology
Next