A Dynamic Risk Scrutiny on New Product Development Process

International Journal of Industrial Engineering

© 2015 by SSRG - IJIE Journal

Volume 2 Issue 3

Year of Publication : 2015

Authors : L.Baghadur and Dr. Fadahunsi C.V

10.14445/23499362/IJIE-V2I5P103

How to Cite?

L.Baghadur and Dr. Fadahunsi C.V, "A Dynamic Risk Scrutiny on New Product Development Process," SSRG International Journal of Industrial Engineering, vol. 2,  no. 3, pp. 9-13, 2015. Crossref, https://doi.org/10.14445/23499362/IJIE-V2I5P103

Abstract:

- In the energetic and spirited market, managers seek to discover effectual strategies for new product expansion. Since there has not been a meticulous research in this field, this study is based upon the review of the risks accessible in the NPD process and on the psychiatry of the risks during FMEA approach. Consequently, we can prioritize present risks and then model the actions of the NPD process and main risks throughout system dynamics. At first, we present new product development concepts and the key definitions. We base our study on the literature review of the NPD risks and then provide an FMEA approach to define risks priority. Using the obtained foremost risks, we model the NPD process risks applying system dynamics to investigate the system and the risk effects.

Keywords:

- Product development, Risk analysis, Dynamic Simulation, Systems thinking.

References:

[1] Buyukozkan, Feyzıoglu A Fuzzy-Logic-Based Decision-Making Approach for New Product development, Int. J. Production Economics 90, 2004, pp. 27–45. 
[2] Kayis, B., G. Arndt, M. Zhou, S., Amornsawadwatan, A Risk Mitigation Methodology for New Product and Process Design in Concurrent Engineering Projects, Annals of the CIRP Vol. 56/1/2007. 
[3] Cooper, R.G., The Dimensions of Industrial New Product Success and Failure. Journal of Marketing 43:93–103 1979. 
[4] Coyle, R.G., System Dynamics Modeling. A Practical Approach. Chapman & Hall, London. 1996. 
[5] Wu, D.D.., Kefan, X., Hua, L., Zh. Shi, D.L. Olson, Modeling Technological Innovation Risks of an Entrepreneurial Team using System Dynamics: An Agent-Based Perspective. Technological Forecasting & Social Change, 2010.
[6] Davila, T., An Empirical Sudy on the Drivers of Management Control Systems’ Design in New Product Development. Accounting, Organizations and Society 25, 2000, pp. 383–409. 
[7] Wu, D.D., X. Kefan, L. Hua, Z. Shi, D.L., Olson. Modeling technological innovation risks of an Entrepreneurial Team Using System Dynamics: An Agent-Based Perspective, Technological Forecasting & Social Change 2010. 
[8] Lee, E., Y., Park , J., Shin Large Engineering Project Risk Management using a Bayesian Belief Network, Expert Systems with Applications 36, 2009, pp.5880–5887. 
[9] Maier, F.H., New Product Diffusion Models in Innovation Management - a System Dynamics Perspective, System Dynamics Review Vol. 14, No. 4, Winter 1998, 285±308. 
[10] Forrester, J.W., Principles of Systems. MIT Press, Cambridge MA. 1976.