Imagine that you have been working for a long time on the development of a new tourism product or service. You are enthusiastic, because this innovation will be a breakthrough novelty, and you expect it to become the foundation of substantial earnings in the future.

However, in darker hours you feel less certain. Are you being too optimistic?

Filter your innovative project through this simple risk assessment tool. It will help you to take action. You will be able to focus on your innovation’s weaknesses and improve the probability of success.

You will be asked to consider a number of issues about production, organization, markets etc. For each issue you will have to make two assessments: How critical is the factor for the success of your innovation

A joint risk profile will be calculated for you. After this you can deal will individual risk factors and suggest actions to reduce the risk.

Your score will be calculated at the end of the quiz.

If your risk is rated between 0 and 133:

Your product/service innovation is in the safe zone and you are likely to be successful with it. The price may be that your innovation is only an incremental improvement or change of what you already have. Go through all those risk factors which produce more than 9 points and consider an action. Think about the following opportunities:

• Avoid the risk (change the project plan to eliminate the risk or protect the project objectives from its impacts)
• Mitigate the risk (seek to reduce the probability and/or consequences of an adverse risk event to an acceptable threshold)/li>
• Transfer the risk (plan for a risk premium payment by customers)

If your risk is rated between 133 and 266:

Your product/service innovation seems to be changing your concepts in quite some instances, and therefore your risk profile should be considered carefully. It is important that you address all the factors individually and elaborate a risk management plan.
Go through all risk factors where the product of the two rates is more than 9 points and consider an action. Think about the following opportunities:

• Avoid the risk (change the project plan to eliminate the risk or protect the project objectives from its impacts)
• Mitigate the risk (seek to reduce the probability and/or consequences of an adverse risk event to an acceptable threshold)/li>
• Transfer the risk (plan for a risk premium payment by customers)

If your risk is rated between 266 and 400:

Your product/service innovation seems to be very radical in nature, and therefore your risk profile is high. It is important that you address all the factors carefully, and you consider action in each case. Make an comprehensive risk management plan.

• Avoid the risk (change the project plan to eliminate the risk or protect the project objectives from its impacts)
• Mitigate the risk (seek to reduce the probability and/or consequences of an adverse risk event to an acceptable threshold)/li>
• Transfer the risk (plan for a risk premium payment by customers)