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Title: A risk assessment approach to support the launching of new products, services or processes
Author: Riana Steen
Address: BI Norwegian Business School, Hesbygaten 5, 4014 Stavanger, Norway
Abstract: This research paper aims to develop a practical method to highlight certain key risk factors involved in the product development process. A new definition of the term 'launch risk' is introduced in this work. The term is defined as the uncertainty about and severity of the consequences of failed launch. A risk management framework for launching is provided as well as a weighted average scoring model for launching (WASL) as an intrinsic part of the suggested framework. WASL is used to identify, evaluate and communicate the critical risk factors involved with the launching processes. Using a hypothetical launching idea, this study demonstrates how applying the suggested risk management framework can increase the ability of a firm to make better strategic decisions in relation to the launch of the new product or the modification of an existing product as a part of its overall portfolio.
Keywords: new product development; NPD; risk management; uncertainty; risk factors; scoring model; decision making; risk assessment; product launch; new service development; new process development; new products; new processes; new services.
Int. J. of Business Continuity and Risk Management, 2015 Vol.6, No.1, pp.17 - 35
Submission date: 22 Nov 2014
Date of acceptance: 19 Dec 2014
Available online: 02 Jul 2015