Critical success factors for effective risk management in new product development

Abstract

In order for risk management (RM) to continue to provide strategic and operational value to improve NPD project performance, the process of RM has to be supported by certain critical success factors that ensure its success. Although there is a well-developed body of knowledge about RM tools and methods, the literature lacks any effort in providing guiding research on the critical success factors. By using systematic review methodology, this paper aims to fill in this significant gap and contribute to NPD literature in two ways. First, we identify and classify the various critical success factors from NPD literature. Next, these critical success factors will map the literature and offer a unifying framework that aggregates and structure these success factors in a parsimonious way.