Risk management in product design: Current state, conceptual model and future research

Josef Oehmen, Mohammad Ben-Daya, Warren Seering, Muhammad Al-Salamah

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

Abstract

Risk management is an important element of product design. It helps to minimize the project- and product-related risks such as project budget and schedule overrun, or missing product cost and quality targets. Risk management is especially important for complex, international product design projects that involve a high degree of novel technology. This paper reviews the literature on risk management in product design. It examines the newly released international standard ISO 31000 "Risk management - Principles and guidelines" and explores its applicability to product design. The new standard consists of the seven process steps communication and consultation; establishing the context; risk identification; risk analysis; risk evaluation; risk treatment; and monitoring and review. A literature review reveals, among other findings, that the general ISO 31000 process model seems applicable to risk management in product design; the literature addresses different process elements to varying degrees, but none fully according to ISO recommendations; and that the integration of product design risk management with risk management of other disciplines, or between project and portfolio level in product design, is not well developed. © 2010 by ASME.
Original languageEnglish
Title of host publicationProceedings of the ASME Design Engineering Technical Conference
Volume1
PublisherAmerican Society of Mechanical Engineers
Publication date2010
Pages1033-1041
ChapterDETC2010-28539
ISBN (Print)978-079184409-0
DOIs
Publication statusPublished - 2010
Externally publishedYes
EventASME 2010 International Design Engineering Technical Conference & Computers and Information in Engineering Conference : Computers and Information in Engineering Conference (CIE) - Montreal, Quebec, Canada
Duration: 15 Aug 201018 Aug 2010
Conference number: 30th

Conference

ConferenceASME 2010 International Design Engineering Technical Conference & Computers and Information in Engineering Conference : Computers and Information in Engineering Conference (CIE)
Number30th
CountryCanada
CityMontreal, Quebec
Period15/08/201018/08/2010

Keywords

  • Computer aided design
  • Cost accounting
  • Risk analysis
  • Risk assessment
  • Risk management
  • Product design

Fingerprint Dive into the research topics of 'Risk management in product design: Current state, conceptual model and future research'. Together they form a unique fingerprint.

Cite this