Abstract
Growing consumer expectations with evolving technological advancements add complexities and risks during various phases of new product development (NPD) process affecting the completion of NPD project within stipulated time and budget. Literature reports different methods to identify, analyze, evaluate, control, and monitor the risk factors occurring during product development. Most of the approaches available for mitigation or control of risks in NPD process are normative action plans developed on case basis. A number of risk responses may be generated by developers to control the risk factors at various phases of product development. It may sometimes be difficult for decision makers to select the optimal response to the risk factors. A framework for selection of optimal action plan for mitigating risks in NPD process might serve as a utilitarian tool for optimizing the responses to risk factors based on availability of resources and the strategic priorities of the organization.
Published Version
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