Designing risk management: applying value stream mapping to risk management

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Abstract

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)
Publication date2019
Pages2229-2238
DOIs
Publication statusPublished - 2019
Event22nd International Conference on Engineering Design (ICED19) - Delft, Netherlands
Duration: 5 Aug 20198 Aug 2019

Conference

Conference22nd International Conference on Engineering Design (ICED19)
CountryNetherlands
CityDelft
Period05/08/201908/08/2019

Keywords

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

Cite this

Willumsen, P. L., Oehmen, J., & Rossi, M. (2019). Designing risk management: applying value stream mapping to risk management. In Proceedings of 22nd International Conference on Engineering Design (ICED19) (pp. 2229-2238) https://doi.org/10.1017/dsi.2019.229
Willumsen, Pelle Lundquist ; Oehmen, Josef ; Rossi, Monica. / Designing risk management: applying value stream mapping to risk management. Proceedings of 22nd International Conference on Engineering Design (ICED19). 2019. pp. 2229-2238
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Willumsen, PL, Oehmen, J & Rossi, M 2019, Designing risk management: applying value stream mapping to risk management. in Proceedings of 22nd International Conference on Engineering Design (ICED19). pp. 2229-2238, 22nd International Conference on Engineering Design (ICED19), Delft, Netherlands, 05/08/2019. https://doi.org/10.1017/dsi.2019.229

Designing risk management: applying value stream mapping to risk management. / Willumsen, Pelle Lundquist; Oehmen, Josef; Rossi, Monica.

Proceedings of 22nd International Conference on Engineering Design (ICED19). 2019. p. 2229-2238.

Research output: Chapter in Book/Report/Conference proceedingConference abstract in proceedingsResearchpeer-review

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Willumsen PL, Oehmen J, Rossi M. Designing risk management: applying value stream mapping to risk management. In Proceedings of 22nd International Conference on Engineering Design (ICED19). 2019. p. 2229-2238 https://doi.org/10.1017/dsi.2019.229