Evaluation Of A New Product Development

1021 Words Apr 3rd, 2016 5 Pages
This methodology is not only for new product development, but also can be linked to any of the existing products. For new procedural risk assessment, steps have to be drafted inside the company. This draft forms the ethics with procedures for upcoming new products to undergo a risk assessment. To draft these procedures the following tasks have to be done.
Task 1: Develop Risk Management Skills and Resources
Task 2: Tailor Risk Management to and Integrate it with new Product Development
Task3: Quantify Impact of Risks on your Main Objectives
Task 4: Support all Critical Decisions with Risk Management Results
Task 5: Monitor and Review your Risks, Risk Mitigation Actions, and Risk Management Process
Task 6: Create Transparency regarding new Product Development Risks to shareholders

By undergoing the following steps and tasks we can frame a risk assessment methodology for any product which is either new or an upgrade. Using the results in the development phase will reduce the impact by adapting proper risk mitigation techniques throughout lifecycle of the product or process.
3.2 Risk Management Techniques
Each likely and unlikely event has its own probability of occurrence. Risk is a measure of probability of occurrence of an unlikely event. Early in design phase the amount of uncertainty is high for all events. Assuming those uncertainties in the beginning of the design phase will help mitigate risks or even avoid those risks throughout the development of the…

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