ECONOMICS

Detailed explanation-1: -Innovation management helps in generating new business models and creates new products, services and technologies designed for the changing market. Proper innovation management also boosts customer satisfaction and employee engagement.

Detailed explanation-2: -During the innovation process (Schroeder et al. 1986), entrepreneurs face a range of risks (known risks) and uncertainties (unknown risks). Risks tend to be conceptualized in terms of costs (March and Shapira 1987) whereas most entrepreneurial decisions have to be made under conditions of uncertainty (Jalonen 2012).

Detailed explanation-3: -Innovation risk deals with likeliness and repercussions. It refers to the probability of any untoward happening that may affect the innovation process at a given rate or time. It also involves any unfavorable circumstance that may affect the success of a specific innovation measure or project.

Detailed explanation-4: -Gartner defines innovation management as a business discipline that aims to drive a repeatable, sustainable innovation process or culture within an organization. Innovation management initiatives focus on disruptive or step changes that transform the business in some significant way.