How to Identify Uncertainties and Risks in Product Development Risk assessment for a major new product development initiative is very hard to do well. There are several reasons for this: New product development means doing something new. Whether it be new markets, new technologies or new business models, inevitably, the team will be unable to […]
Based on our National Science Foundation (NSF) STEM I-Corp research*, these are the top 12 product development risks companies identified (not in any particular order). Risks areas include: Disruptive new technologies on the horizon that could drive down demand or render the product obsolete. Launching a product in new countries; strict legal requirements making it […]
First stop of a roadshow starting with the Wright Brothers Institute – Innovation runway for the Air Force Research Lab in Dayton, OH. The Product Risk Framework team with Pinaki Saha, EIR and co-founders, Mary Drotar and Kathy Morrissey. Next week, the roadshow continues in the great state of Californa… we will be visiting aerospace/defense contractors, […]
One trait we see is the inability of managers and leaders to make a decision. Consequently, a number of issues occur because of a manager’s indecision. For example, a project continues to fester in development, and everyone knows it should be killed but no one wants to make that final decision. Why does indecision happen? […]
An approach to leading teams is “leading by asking questions.” Think of it as the leader owning the questions and the team owning the answers . The leader is not expected to have all the answers but to ensure the team gets to a solution.
It is the leader’s responsibility to provide the necessary guidelines, so the team can make adaptable and fast decisions.
The first step in making your strategy adaptable to uncertainty is to identify current assumptions, the kinds of uncertainties to monitor and establish a feedback mechanism.
In everyday conversation we tend to think of “risk” as something negative to be avoided, and “assumption” as something we believe or find acceptable. Such generalities can get confusing, so Strategy 2 Market developed a cheat sheet for risk terminology.
The Product Risk Framework’s value proposition is to help companies reduce product uncertainty and to build confidence in the pursuit of riskier, higher-return projects.