Mitigating Risks of Innovation

Incorporate Technology Into Capital Projects Effectively

Course Summary

Investing in innovative technologies can provide great returns to a business through introduction of new products and establishing new markets. Innovations can improve processes for existing operations, thereby reducing the cost to manufacture or materials costs. However, these projects have unique risk profiles and are often difficult to execute and start up.

Few project professionals have experience executing new technology projects. Through extensive research on over 1,400 innovative projects, IPA has identified a set of Best Practices and strategies shown to address the risks associated with commercializing innovation. The Mitigating Risks of Innovation seminar shares the learnings from this research to help project professionals minimize problems when incorporating innovation into their capital projects.

Key Benefits

• Learn Best Practices for effective commercialization of new technology
• Apply strategies for resourcing new technology projects with effective project teams
• Measure new technology and the uncertainties associated with it
• Identify technology commercialization strategies
• Understand and manage the unique risks associated with innovation
• Use learnings from IPA’s extensive research on actual projects to improve your ongoing and future projects

Who Should Attend?

Participants should include all individuals who need to be able to identify and understand the risks associated with new technology projects. This includes project professionals involved with new technology projects, decision makers, capital system management, and gatekeepers.

Topics Covered

Understanding New Technology

• The various gradations and forms of new technology
• The impact each level of innovation has on project outcomes (cost, schedule, and operational performance)

Best Practices

• Which Best Practices, based on IPA’s statistical analysis, drive highly successful innovative projects
• How to install and implement these Best Practices
• The sequence of practices and how they relate to specific phases of the project execution cycle
• The information needed at critical decision points in the project authorization process
• Basic data development, process development activities, project definition requirements, and change management processes are also covered

Aligning Business Technology Strategies

• Aligning expectations on performance and understanding the risks associated with innovation
• Successfully handling the uncertainty inherent in new technology projects
• New technology program management
• Commercializing a new technology project cycle in the context of the capital project system

Implementing New Technology

• Determining the appropriate strategy,
• Evaluating market needs and venture rewards
• Implementing improvements

Course Background

This 1-day program focuses on the research findings that have been linked to successful outcomes in new technology projects. The course includes presentation of research, case studies of actual successful and unsuccessful new technology programs, and interactive discussions. The program shares Best Practices, tools, and techniques for identifying new technology risks correctly so that stakeholders can make informed business decisions concerning the implementation of new technology.

Customization

This course can also be customized into a private workshop for your company. A customized workshop can assess the degree of innovation in a specific program, identify risks associated with your new technology commercialization, and establish an action plan for dealing with the unique risks of innovation.