📄 Abstract
Risk is an integral part of innovation, especially in the contemporary global market where technological advancement and intense competition drive companies toward developing next-generation products. Innovation brings inherent risks, often categorized into project, product, and business risks, which require strategic project management to identify, assess, and mitigate potential threats. This paper discusses the dynamic nature of risk in innovative projects, which include technical, strategic, and enterprise-related risks, and emphasizes the necessity for organizations to balance risk management with the creativity essential for innovation. Effective risk management practices such as risk identification, prioritization, and mitigation are shown to not only reduce potential project delays and cost overruns but also support the achievement of long-term organizational goals and social responsibility. The paper also highlights the importance of clear communication, staff training, the use of effective tools, and adherence to safety measures, especially in public events, to enhance security and community trust. In summary, integrating structured risk management into innovative projects is crucial for optimizing resources, ensuring safety, and maintaining a competitive edge.
🏷️ Keywords
📚 How to Cite:
Patrick Olise , Lois Kumiwaa Opoku , Nicholas Mensah , INNOVATIVE STRATEGIES FOR COST REDUCTION AND RISK MITIGATION IN EVENT AND PUBLIC SAFETY MANAGEMENT (NOTING A CASE STUDY OF LARGE-SCALE EVENT) , Volume 12 , Issue 1, january 2025, EPRA International Journal of Economics, Business and Management Studies (EBMS) , DOI: https://doi.org/10.36713/epra19964