Approaches to risk management in research and development: an analysis of public / private partnerships in Ireland
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MBA in Project Management
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The increasing number of Government funded research centres in Ireland is being established with the strategic objective of enabling collaborative access for Industry to skills competencies and equipment within academia. The driving force for this strategy is the development of new products and services which are ultimately expected to increase economic growth and sustainability in the Irish economy through increased employed and exchequer revenue. Nevertheless, a distinct cultural difference exists between the two entities and an element of mistrust exists between both the academic and industrial communities. Yet, the success of these Industry/ Academic collaborations (IACs) could have profound implications for the future of the Irish economy and its reputation for high level research. This research will investigate the risks associated with IACs and determine the risk mitigation strategies applied by the consortia investigated to increase the probability of project success at a local level and the success of IACs at a global level. A significant amount of tax payers money has been invested in public private R&D partnerships and this research will aim to ensure that, not only is this money used effectively, but that it generates the returns to the economy as expected by the Irish Government and its associated research funding institutions. This research will also suggest further strategies for increasing collaborations in IACs and provide suitable further areas of research to ensure that this national strategy for innovative product development is not only successful at an Irish level but also has global implications for industry lead academic research and the benefits for society that that by this research model can provide. Author's keywords: Project management, Risk management, Research and Development.