Comparative study of risk management in new product development Online publication date: Wed, 17-Apr-2024
by Mahmoud Awad; Yassir Shanshal
International Journal of Industrial and Systems Engineering (IJISE), Vol. 46, No. 4, 2024
Abstract: New product development (NPD) is a volatile and challenging process carrying many uncertainties resulting in great amount of risk. The aim of this article is to identify critical risk factors contributing to NPD project success and to identify any major differences between different industries in terms of these critical risk factors. Such objectives will enable decision-makers in NPD projects to plan and mitigate risks accordingly. An online survey targeting NPD programs stakeholders is utilised to investigate the association of more than 24 risk factors and project success/failure. Results suggest that success of a project is strongly associated with requirement definition, risk management, and verification and validation process. Moreover, there is evidence that different industries share some common risk factors and differ in terms of importance/rankings of these factors. Finally, results suggest significant statistical difference between auto and oil and gas industries in terms of missed and mismanaged risks.
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