Developing a grey decision support system for new product development risk assessment

Satisfying customer needs and requirements is an important issue in today’s business environment. One way of reaching this goal is developing new products. New product development (NPD) is an important task for organizations and manufacturers. Due to the importance of this task and the high level of risk associated with this issue, in this paper a new decision support system for new product development is presented. This system applies tools such as grey theory, House of Quality (HOQ), Functional Analysis System Technique Diagram (FAST), Cost and Risk Analysis Method (CRAM) and Integrated Evaluation Matrix (IEM). The presented approach of new product development evaluation and assessment proves to be applicable in real world problems since it is using grey sets to address uncertain business environment.

Keywords:

New product development (NPD) , Grey Theory , Decision support system (DSS) , House of Quality (HOQ) , Functional Analysis System Technique Diagram (FAST) , Cost and Risk Analysis Method (CRAM)