Risk Assessment of Innovation Prototype for the Example Hydraulic Cylinder

Abstract

This paper presents both an example of the innovation prototype risk assessment and the universal way of conduct in assessing such solutions. For this purpose, the authors proposed a prototype risk assessment method based on the assumptions of the SWOT and TOWS analysis and the multi-criteria technical innovation risk assessment method. In the assumptions of the developed method, an account was taken of the conclusions resulting from the prospect theory. A symptom of this action was, e.g., a characterization of the team of experts (working on the prototype) in terms of their individual personality traits and mind (which has not been used so far in practical methods of assessing risk). As a result of the conducted assessment (for an innovative hydraulic cylinder prototype), the innovation prototype risk was determined as low, which was presented both on the map of domination and the map of risk assessment for this prototype. The procedure presented in the paper was planned so as to ensure that, after the prototype moves to the commercialization phase, it will be possible, on the basis of the already made calculations, to apply the full risk assessment dedicated for technical innovations with ease. This gives it a universal nature.