Interpretive structural modelling of risk factors in new product development process: development of an integrated framework

Abstract

The focus of this study is on exploring the risk factors affecting new product development (NPD) processes in manufacturing enterprises. Interpretive structural modelling (ISM) approach is utilised in this research for analysing the interactions between different risk pillars, and among various risk factors within each risk pillar. The findings of this study reveal the underlying relations between various risk factors prevalent in NPD process. The ISM based integrated framework developed in this study would enable engineering managers and practitioners of NPD in understanding the inter-dependencies among the risk factors and would help them in directing their resources towards mitigating these factors occurring in NPD initiatives of their enterprises. These finding would be beneficial for identifying the driving risk factors having major impact on product development process, enabling the decision makers to make informed choices while managing NPD projects.

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