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

[+] Author Affiliations
Josef Oehmen, Warren Seering

Massachusetts Institute of Technology, Cambridge, MA

Mohammad Ben-Daya, Muhammad Al-Salamah

King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia

Paper No. DETC2010-28539, pp. 1033-1041; 9 pages
doi:10.1115/DETC2010-28539
From:
  • ASME 2010 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference
  • Volume 1: 36th Design Automation Conference, Parts A and B
  • Montreal, Quebec, Canada, August 15–18, 2010
  • Conference Sponsors: Design Engineering Division and Computers in Engineering Division
  • ISBN: 978-0-7918-4409-0 | eISBN: 978-0-7918-3881-5
  • Copyright © 2010 by ASME

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.

Copyright © 2010 by ASME

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