Examining the State of Risk Management Research in New Product Development Process

Abstract

New products are major sources of competitive advantage and success for a manufacturing enterprise. However, not all new product development (NPD) initiatives result in a successful product and are therefore a major cause of wasted resources. Furthermore, NPD processes are becoming increasingly complex and risky due to today’s globalized market and customers’ desire for technologically advanced products. While there has been a significant interest in academia about NPD risks, the existing literature is spread across multiple outlets, making it difficult for any practitioner or researcher to synthesize the current work. This article aims to minimize that gap by providing a comprehensive overview of current research activities in the field of risk management in NPD process in one place. The research design is based on mapping and classification of the existing body of knowledge into the domains of NPD risk analysis and management. The article analyzes the contemporary NPD risk analysis methods on three fronts: risk identification, risk assessment, and risk mitigation. Based on the review, the article then identifies and discusses several key areas for future research significant to engineering management practices. Finally, an integrated framework is presented to provide a holistic approach toward risk management in the NPD process, followed by the practical implications for engineering managers and practitioners.

Keywords:

• New Product Development
• Risk Management
• Literature Review
• Integrated Framework

EMJ Focus Areas:

• Decision Making & Risk Management, New Product Development

Additional information

Notes on contributors

Avanish Singh Chauhan

Avanish Singh Chauhan, Ph.D., is working as an Assistant Professor in Production and Industrial Engineering Department of MBM Engineering College, JNV University, Jodhpur (India). He has a B.S. in Industrial and Production Engineering from SGSITS, Indore (India), and M.S. and Ph.D. in Industrial Engineering from Malaviya National Institute of Technology, Jaipur (India). His research interests include product development, innovation, lean manufacturing, and supply chain management.

Bimal Nepal

Bimal Nepal, Ph.D., is an Associate Professor of Industrial Distribution at Texas A&M University in the United States His research areas include distribution and supply chain management, manufacturing, and engineering education. He has authored over 90 research articles in refereed journals and peer-reviewed proceedings in these areas. He has received several teaching and research honors and awards both within and outside Texas A&M University. He is a member of INFORMS, ASEM, ASEE, and a senior member of IISE.

Gunjan Soni

Gunjan Soni, Ph.D., is an Assistant Professor in the Department of Mechanical Engineering at the Malaviya National Institute of Technology, Jaipur (India). He received his Ph.D. from BITS, Pilani (India), and Master of Technology from IIT Delhi (India). He has an experience of over 12 years in teaching and research. His research areas include supply chain management, risk analysis, production planning, and artificial intelligence.

Ajay Pal Singh Rathore

Ajay Pal Singh Rathore, Ph.D., is a Professor in the Department of Mechanical Engineering at the Malaviya National Institute of Technology (MNIT), Jaipur (India). He has over 35 years of teaching, research, industry, and consulting experience. He has a B.S. in Mechanical Engineering from MNIT, Jaipur (India) and an MBA from University of Rajasthan (India), and Ph.D. in Industrial Engineering from LJMU (the UK). His research interests are in product development, productivity modeling, and supply chain management.