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1 Idea Insights from GNPS

Managing Project RiskEpisode 15-25

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2 Idea Insights from GNPS

Gamble or Risk?

• Gambling depends on luck• Know the odds• Depends on roll of die or draw of cards

• Risk is manageable• Expected uncertainties• Innovation risks involve:

• Markets• Technologies• Product Categories

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3 Idea Insights from GNPS

Product Innovation Charter

• Strategic project document

• Links innovation strategy to specific team activities

• Defines project triple constraint

• Combats scope creep

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4 Idea Insights from GNPS

Structured NPD Process

• Also known as “stage-gate system”

• Manages risk through progressive elaboration• Increase project investment as questions are answered• Iterative process that develops plan as information increases

• Work is reviewed at gates• Gate approval includes next stage work

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5 Idea Insights from GNPS

Portfolio Management

• Portfolio management seeks highest value• Entire suite of active new product development projects• Limited by resources (people, money, equipment, time)

• Match innovation strategy with active projects• No risk is bad over the long-term• Too much risk is also bad • Balance short- and long-term needs

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6 Idea Insights from GNPS

Other Tools

• Many available risk management tools

• Risk register• Brainstorming• Cause and effect diagrams• Flow charts• Influence diagrams• SWOT analysis

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7 Idea Insights from GNPS

For More Information

• See the full post at the Idea Incubator Blog• www.globalnpsolutions.com/idea-incubator/• Free registration

• Contact me!• 1-281-280-8717• info@globalnpsolutions.com• 2323 Clear Lake City Blvd., #180-177 Houston, TX 77062

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