A risk oriented model to assess strategic decisions in new product development projects

Marmier, François; Gourc, Didier; Laarz, F.

doi:10.1016/j.dss.2013.05.002

Cited by 60 publications

(39 citation statements)

References 16 publications

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“…When they occur, risks have an impact on project costs and project completion time (Marmier et al 2013); so, anticipated project success should depend on estimated risk impacts, as well as on estimated occurrence probabilities. The risks we consider in this study all have negative or undesirable consequences for the focal project, in line with standard project management practice (Maguire and Hardy 2013;Oehmen et al 2014).…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Project managers’ overconfidence: how is risk reflected in anticipated project success?

Fabricius

Büttgen

2015

Bus Res

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Projects tend to exceed planned timelines and budgets. One reason may be that potential project risks are insufficiently reflected in anticipations of project success. Furthermore, project managers’ overconfidence may lead them to assess risk in a biased manner. The present study examines how risk assessment relates to overall anticipated project success and how overconfidence on the part of project managers influences such assessments. We assume that project managers’ risk awareness serves as a mediator between overconfidence and risk assessment. To observe the planning behavior of 204 project managers, we used a standardized, case-based survey. The results show that overconfidence reduces risk awareness among project managers, leading them to assess risks more optimistically and come to more positive conclusions about anticipated project success. When judging project success, project managers only consider the probability of a risk occurring; they do not factor in the impact of said risks on project success should the risks arise. Risks thus seem to be insufficiently reflected in anticipations of project success which might be a reason for high failure rates of projects.

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Section: Hypothesis Developmentmentioning

confidence: 99%

Project managers’ overconfidence: how is risk reflected in anticipated project success?

Fabricius

Büttgen

2015

Bus Res

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“…The risk management methodologies refer to a standard process presenting the well-known steps: risk identification, risk evaluation and quantification, risk mitigation for treatment and/or impact minimization and risk monitoring (Marmier et al 2013). Most of the research on RM has focused on risk identification and analysis.…”

Section: Resultsmentioning

confidence: 99%

Risk management in medical product development process using traditional FMEA and fuzzy linguistic approach: a case study

Kirkire¹,

Rane²,

Jadhav

2015

J Ind Eng Int

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Medical product development (MPD) process is highly multidisciplinary in nature, which increases the complexity and the associated risks. Managing the risks during MPD process is very crucial. The objective of this research is to explore risks during MPD in a dental product manufacturing company and propose a model for risk mitigation during MPD process to minimize failure events. A case study approach is employed. The existing MPD process is mapped with five phases of the customized phase gate process. The activities during each phase of development and risks associated with each activity are identified and categorized based on the source of occurrence. The risks are analyzed using traditional Failure mode and effect analysis (FMEA) and fuzzy FMEA. The results of two methods when compared show that fuzzy approach avoids the duplication of RPNs and helps more to convert cognition of experts into information to get values of risk factors. The critical, moderate, low level and negligible risks are identified based on criticality; risk treatments and mitigation model are proposed. During initial phases of MPD, the risks are less severe, but as the process progresses the severity of risks goes on increasing. The MPD process should be critically designed and simulated to minimize the number of risk events and their severity. To successfully develop the products/devices within the manufacturing companies, the process risk management is very essential. A systematic approach to manage risks during MPD process will lead to the development of medical products with expected quality and reliability. This is the first research of its kind having focus on MPD process risks and its management. The methodology adopted in this paper will help the developers, managers and researchers to have a competitive edge over the other companies by managing the risks during the development process.

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“…Determination of such point makes the assessment to be relative, among others by means of an analysis of risk dangers of technological nature in relation to their economic effects and vice versa. This is why, the risk analysis of such an undertaking seems to be a rational step in the decision-making process of enterprises [26,38,39].…”

Section: Problem Statementmentioning

confidence: 99%

Risk Assessment of the Innovative Projects Implementation

Deptuła¹,

Knosala²

2015

Management and Production Engineering Review

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The article presents the issue of risk assessment of innovations. Specificity of technological innovation realized in manufacturing companies has been particularly well described here. An original method of assessing the innovative projects risk has been presented. The elaborated method has been implemented in three enterprises, the business activity of which is not typical for electrical engineering, metal and mechanical engineering and companies which are going to carry out the innovative project simultaneously with already started innovative projects. Moreover, an example of the risk assessment of a chosen technological innovation has been presented.

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A risk oriented model to assess strategic decisions in new product development projects

Cited by 60 publications

References 16 publications

Project managers’ overconfidence: how is risk reflected in anticipated project success?

Project managers’ overconfidence: how is risk reflected in anticipated project success?

Risk management in medical product development process using traditional FMEA and fuzzy linguistic approach: a case study

Risk Assessment of the Innovative Projects Implementation

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