An FMEA approach for new product development risk analysis

In the dynamic and competitive market, managers seek to find effective strategies for new products development. Since There has not been a thorough research in this field, this study is based on a review on the risks exist in the NPD process and an analysis of risks through FMEA approach. First, we present new product development concepts and definition. We then based our study on a literature review on the NPD risks and then provide an FMEA approach for risk analysis. A safety clothing manufacturer is considered as a case study. The results show the critical risk factors by which the managers can decide for risk removal, mitigation or risk taking actions thus helping to enhance robustness of new products development.