Assessing innovation readiness in project management: a comprehensive evaluation of the IRI methodology

Abstract

This study introduces the innovation readiness index (iri), a structured framework for evaluating an organization’s capacity for innovation in engineering projects by integrating financial feasibility, effectiveness, and risk. A mixed-methods strategy was employed at Mastergaz, a leading IT engineering company. Data from 30 project stakeholders were gathered via quantitative surveys and qualitative interviews and analyzed for correlation with key project outcomes. Results show a strong positive relationship between higher IRI scores and enhanced project performance, including better completion rates and heightened stakeholder satisfaction. The average IRI score of 6.8, coupled with a Pearson correlation of 0.75, indicates that projects with stronger innovation readiness are more likely to succeed. The study also demonstrates the IRI’s adaptability across various industries. Implementing a structured, multi-dimensional readiness index can guide resource allocation, improve stakeholder engagement, and facilitate data-driven decision-making in project management. This research advances current understanding of innovation readiness by introducing a comprehensive model that incorporates financial, operational, and risk considerations. Future work includes validating the IRI in different organizational settings and expanding its criteria to capture broader stakeholder dimensions.