In new product development, design requirements are a formalization of a product vision and can evolve substantially in the early stages of product design. This paper describes an empirical study of the relationships among design requirements volatility, risk, prioritization and the quality of design outcome in the context of a graduate level product development course for mid-career professionals. Among other findings, a pattern of decreasing risk of a design requirement, especially the risk of high priority requirements, was found to be a key predictor of success. The findings suggest the importance of managing design requirement risk in early stage design and the potential benefit of using risk and priority level of design requirements to monitor design project health.