Risk Management of Innovative R&D Project : Development of Analysis Model. A Systematic Approach for the Early Detection of Complex Problems (EDCP) in R&D projects in Order to Increase Success in Enterprises

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School of Business | Doctoral thesis (monograph) | Defence date: 2002-11-22
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Yrittäjyys ja pienyritysten johtaminen
Entrepreneurship and SME Business Managament
Degree programme
272 s.
Acta Universitatis oeconomicae Helsingiensis. A, 209
This dissertation is positioned in the theoretical framework of innovation management and risk management. The study aims at increasing the understanding of the development of a risk analysis tool for innovation projects and of such development work in cooperation with several pilot firms during analysis of their real innovation projects. The research questions covered the building of an analysis system for risk in innovation projects and the integration of knowledge and resource based theory into the theories of risk, management and innovation. The basic idea of the project and the resources intended to realize the project are analyzed in parallel. The idea and the resources are analyzed by systematically describing their essential attributes and components. The attributes describe those properties that one intends to improve. The components represent those factors by the help of which the properties will be improved. The attributes in combination with the components constitute pairs and determine which knowledge areas must be used to obtain the attributes. The attributes of the resources represent those abilities that the resources components possess and use when the attributes of the ideas of the project are realized. The resource components represent the resources available to realize the project. After the attributes and components have been properly described the attributecomponent pairs are rated in relation to the knowledge areas. Risk factors are calculated based on the rating numbers. The risk factors relate to the attributecomponent pairs of the idea and the resources, respectively, and to the knowledge areas. Finally the risk factors pertaining to the idea and the resources are compared and the decision maker can see how well the resources are suited to realize the project based on the idea. With this system the knowledge and resourcebased theory into the theories of risk, management and innovation were integrated. A computer program was developed in order to facilitate the analysis process and the documentation as well as the reporting. Emphasis was put to improve the user friendliness through developing the interface in cooperation with several pilot firms. It proved advantageous to perform the development work in clearly defined stages. The pilot firms were encouraged to participate in the development work because thy felt their projects benefited from the analysis results
Supervising professor
Lahti, Arto, professor
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