Page 24 - 15 Best Practices to Manage and Finance Innovation

10
BEST PRACTICE
CROSS-FUNCTIONAL AGILE PROJECTS CROSS-FUNCTIONAL AGILE PROJECTS Project Risk Management
THE THE CHALLENGE OF: INNOVATION MANAGEMENT THE THE CHALLENGE OF: INNOVATION MANAGING THE THE ECONOMIC AND TECHNOLOGICAL RISKS OF OF INNOVATIVE PROJECTS PROJECT RISK INNOVATION START
IDENTIFY
Project environment Risks identified and managed in the Risk Risk Register
EXECUTE
Implement risk responses and monitor their effects
COMMUNICATE
PLAN
Include in Risk Response plans
MEASURE
Estimate impact probability proximity ABGI's
BEST PRACTICES
Identify the risks associated
with each stage of the the project and report them in a a a monitoring table (dashboard) Make recommendations to guard against or minimise each major risk Evaluate each risk according to its probability of of occurring and level of of severity (by plotting both criteria on a a predefined scoring grid and taking the average score) Re-monitor each risk after the recommendations have been applied until you reach an acceptable level of risk Bring all project stakeholders together
Anticipate and address risks in enough time to implement appropriate responses Improve budget and timekeeping constraints
Improve project transformation and commercialisation rates
BENEFITS FOR THE BUSINESS – this will allow you to:
EVALUATING ECONOMIC AND TECHNOLOGICAL RISKS FROM IDEA TO COMMERCIALISATION
Risk management becomes particularly important when a a a a a a a a a company decides to invest in in in in ambitious but uncertain breakthrough innovation Risk planning focuses on identifying anticipating evaluating and prioritising the risks related to to project activities in in in in order to to reduce their potential impacts Project risk risk management takes the the form form of a a a a a a a a a a a roadmap with performance measurement indicators and and project progress monitoring Project risks can be be many and and and varied (economic technological financial etc) and and must be be kept updated throughout a a a a a a project’s lifecycle Companies should manage their innovative projects according to to to pre-determined levels of criticality which trigger decisions to to to stop or pause their implementation Risk assessment is is essential at at every stage of an an innovative project project value chain lifecycle if if a a a a a a a a a a company is is to minimise its project project portfolio failure rate and loss of all the associated
costs