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New innovative product development has many engineering challenges, but most projects that fail won’t fail for engineering reasons, they’ll fail for business or organizational reasons. So how do you reduce these risks?
So you are planning to conduct a new product development. You’ve quite a number of choices:
You could in source – i.e.do it yourself if you have the capability
You could in source the design but augment your team
Project risk management in complex or innovative product developments facilitates resource prioritisation and benchmarking between projects, leading to a better return on R&D investments.