NDLI: Risk Management in Product Design: Current State, Conceptual Model and Future Research

Content Provider	The American Society of Mechanical Engineers (ASME) Digital Collection
Author	Oehmen, Josef Ben-Daya, Mohammad Seering, Warren Al-Salamah, Muhammad
Copyright Year	2010
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.
Sponsorship	Design Engineering Division and Computers in Engineering Division
Starting Page	1033
Ending Page	1041
Page Count	9
File Format	PDF
ISBN	9780791844090
DOI	10.1115/DETC2010-28539
e-ISBN	9780791838815
Volume Number	Volume 1: 36th Design Automation Conference, Parts A and B
Conference Proceedings	ASME 2010 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference
Language	English
Publisher Date	2010-08-15
Publisher Place	Montreal, Quebec, Canada
Access Restriction	Subscribed
Subject Keyword	Risk assessment Engineering standards Risk Product design Engineering disciplines Risk management Risk analysis
Content Type	Text
Resource Type	Article

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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