Innovation & Risk Assignment Example | Topics and Well Written Essays - 3000 words

Innovation & Risk - Assignment Example (Chevron Corporation, 2014). In terms of functionality, this organisation can be stated to be dealing with every possible aspect of the oil and natural gas exploration along with production. Chevron Corporation also deals with aspects regarding generation and harvesting of geo-thermal energy along with manufacturing of industrial grade chemical product, which gives it a competitive advantage over other players which are relied upon the extraction and refining of crude oil sources (Young, 2012). Apart from these, the oil manufacturing giant has also been facing issues, which in turn can be linked up with other aspects such as environmental degradation, incapability of meeting the increasing power demand and deterioration of the climate within that geographical area in which it is operational. Therefore, taking into consideration these issues, Chevron Corporation will have to bring about innovation within its functionality and manufacturing procedure, which in turn will ensure the growth opportunity of this oil m anufacturing giant within multiple domestic and international markets in the long run (Young, 2012). In this provided context, steps to protection of the surrounding environment can be considered as the background of the strategic innovation within the corporation. This entire report has been structured by taking into consideration the secondary available data including websites, online journals and news articles. Additionally, the scope of this analysis will be stretched to multiple areas, which are related to fuel production and power generation. The details of these mentioned analysis has been elaborated in the discussion section (Helman, 2013). Chevron Corporation, being the third rank holder within the fortune 500 companies in the year 2013, still face the risk of losing its ground if the legal charges against the environmental degradation done by