Evaluation Of A New Product Development

1021 Words5 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…show more content…
Ways of analysing risks: 1. Quantitative Analysis: Find factors affecting the process. Assign costs to each factor. Calculate the risk factors on an annual basis. 2. Qualitative Analysis: Its judges the image of an organisation. The factors are decided upon severity and consequences of the occurrence. It depends upon experience and intuits about the processes. Probability =(possible outcomes of a paticular event )/(Total possibility of the event) Probability can also be related to probability distribution functions based on the occurrences. The occurrence (i.e. inputs) which follows particular pattern and it can be correlated to particular fashion according to the distribution function. Ex: Poisson distribution, Normal Distribution etc. Probability can also be found using prior and joint probability using Bayes theorem. Risk can be calculated by cost benefit analysis, internal rate of return, NPV calculation. Societal and individual risks have to be accounted for all processes. Estimates can be calculated to understand the nature of the problem and proper mitigation can be planned. 3.3 Cyber risk in aerospace Decision support system is a multiple user framework designed under network properties. Once network properties are breached through threats, proper steps have to be formulated in order to avoid any damages to the system [7]. The reasons and counter measures are discussed below: Threats and vulnerabilities caused by new technology and its
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