Managing Uncertainty

Tim Mazzarol () and Sophie Reboud ()
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Tim Mazzarol: University of Western Australia
Sophie Reboud: Burgundy School of Business

Chapter Chapter 6 in Commercialisation and Innovation Strategy in Small Firms, 2022, pp 241-303 from Springer

Abstract: Abstract This chapter examines the issue of how to manage uncertainty and risk in the process of innovation. By its very nature, innovation is inherently risky. The more radical and disruptive the innovation, the more uncertainty and potential risk is created. However, the management of uncertainty and risk, although closely aligned, require different conceptual and applied approaches. We commence this chapter with an examination of the difference between risk and uncertainty, before moving onto the findings from the research literature relating to the processes of managing risk and uncertainty with small firms, particularly ISFs. This is followed by a review of data from our international survey 567 ISFs from 11 OECD countries that examines their perceptions of perceived uncertainties and risks with respect to their markets, innovation management (e.g., NPD processes), resources, and strategies.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-2651-8_6

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DOI: 10.1007/978-981-19-2651-8_6

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