Risk Management in Early Product Lifecycle Phases

A new product coming to the market usually brings certain uncertainty of its success. Especially, hidden failures and risks which might appear in the product service life could bring producers into difficulties costing them money. This might turn into a product phase out and loss of company reputation. Therefore, identification and treatment of risks in early phases of a product lifecycle are becoming more commonplaces nowadays. Since state-of-art companies that want to keep up with competitors, have to consider all actions which might prevent losses or customer's dissatisfaction. This paper deals with a new risk management procedure concerning the early phases of a product lifecycle. Proper risk identification in early phases should result in mitigation or removal of an impact that might cause considerable property, health or the environment losses in late phases of a product lifecycle. It is always very complicated to assess risks in an early phase of a project since almost no data is available. Therefore, this procedure has been developed to help to manage such risks. The procedure is focused on risk priorities according to customer's needs, requirements and it can be used for various products and industries.

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