The product development process and risk

New product development means risk simply because creating a new product generates uncertainty at every turn. The new product development process typically produces designs and prototype products for manufacture and sale. Product requirements are translated into engineering design specifications, drawings, and so on, through the product development process. The process is oriented to develop, control, verify, and validate the design as it progresses to completion. There is risk in design, prototype development and testing, configuration management, and manufacture. But the most critical risks are in the management of the process, producing costly work that does not produce good information for the go or no-go decision.

The most critical upfront technical risks—requirements and design risks—are triggered by the potential for failure in understanding customer requirements and in failing to validate the design. In other words, the requirements will be wrong thus the design is irrelevant, or the design will not align with requirements.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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