Adapting Product and Development Process for Risk Reduction in New Product Development

Abstract : The development of innovative products is characterized by uncertainties that are the result of insufficient experience and incomplete knowledge, finally leading to risks. A multitude of different methods for risk estimation is available in literature, but only scattered approaches are known that support the reduction of risks in a methodical manner. In this publication four different strategies for risk reduction are investigated that either are based on an adaption of the product or of the development process. The results of the investigation are transferred into a concept for a risk response method that is based on a risk response model and represented by using Multiple Domain Matrices. The application of the method is exemplarily demonstrated within a development project.