A Model Based Approach to Support Risk Management in Innovation Projects

New product development is notably affected by uncertainties that are a consequence of insufficient experience and missing knowledge. If uncertainties are not managed adequately, they will finally lead to risks. We therefore advocate an integrated agile development process, allowing for explicit modelling of uncertainties and reaction strategies as well as the evaluation of the resulting risk caused by the changes to the product in development or the development process. As changes can again lead to undesired change propagation, finally resulting in new uncertainties and in consequence new risks, uncertainty response strategies need to be developed, evaluated and conducted collaboratively. In this publication the Integrated System and Risk Managing Model is presented, enabling users to describe and analyze product and process based uncertainties as well as potential response options within one consistent system. This paper elaborates the underlying structure of the model and concentrates on the modelling process, also explaining the application using examples from a case study.

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