Managing risk in new product development

The success of new products depends on the management of the development process. Successful new product introduction must: Satisfy customer needs through innovation of quality devices and technologies Manufacture these devices using the most rational technologies Meet profitability goals. Risks that will hinder meeting deadlines and budget constraints include: Process problems Hidden Design Flaws Quality Concerns. Each manufacturer has a proprietary new product development process which includes the following common elements: Benefit Assessment, Risk Characterization, and Scheduling. This paper introduces a methodology and a strategic management software utility targeted for management of risk in the development of injection molded plastics parts.