Taming the Wild: Product Development as a Risk Management Strategy

Businesses face many uncertainties, especially in today’s complex world. New product development allows firms to manage both internal and external risks leading to improved long-term profitability. Embracing a strategic approach to product development means understanding your customers, building collaborative teams, and generating a culture of learning.

In this presentation, we’ll discuss a risk model leveraging various new product development processes to design effective innovation cultures. You will learn how to evaluate your own organization’s risk tolerance, culture, and team structure to select appropriate product development pathways.

Learning Objectives:
1. Understand risk in innovation from a perspective of requirements uncertainty and technical uncertainty
2. Identify different risk-based approaches to new product development
3. Compare and contrast organizational design of NPD systems based on risk tolerance and culture