The Effective Approach of Managing Risk in New Product Development (NPD)

This research studies risk and how to manage it during new product development projects. It highlights the major types of risk in NDP as well as what are some of the more common risk management and process tools. The research proposes an approach to risk management systems, and what managerial implications may arise. It is concluded that a team ought to develop a risk management plan and that by understanding the basic structure of a risk management system, a NPD team can tailor a risk management plan to fit the unique risks that occur in the project environment.