Designing risk management: applying value stream mapping to risk management

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Risk management (RM) in new product development (NPD) is often implemented as a standardized framework and ends up being carried out as a tick the box, non-value adding activity. To avoid this problem, RM needs to be tailored to the organization and NPD project. This paper identifies a gap in both understanding and facilitating tailoring, i.e. design of RM systems in NPD. To understand how to design RM systems, we must better understand how RM adds value to NPD activities. We applied Product Development Value Stream Mapping (PDVSM) to RM and conceptualized a Risk Value Stream Mapping (RVSM) framework to support design. Through a state-of-the-art literature review, we identified typical categories of value and waste in RM as well as approaches to model the RM in NPD. We developed and tested components of the RVSM framework based on PDVSM in three case companies. In this paper, results are presented regarding waste, value and potential ways to model the value stream in RM. The framework enables a diagnosis of the current state of RM in companies and supports future design activities pertaining to RM systems. This paper is positioned at the intersection
of design, lean thinking and RM.
Original languageEnglish
Title of host publicationProceedings of 22nd International Conference on Engineering Design (ICED19)
EditorsSandro Wartzack, Benjamin Schleich
PublisherCambridge University Press
Publication date2019
Publication statusPublished - 2019
Event22nd International Conference on Engineering Design (ICED19) - Delft, Netherlands
Duration: 5 Aug 20198 Aug 2019


Conference22nd International Conference on Engineering Design (ICED19)
SeriesProceedings of the International Conference on Engineering Design


  • Visualisation
  • Product architecture
  • Product modelling / models
  • Large-scale engineering systems
  • Requirements


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