Recommendations for risk identification method selection according to product design and project management maturity, product innovation degree and project team

This paper deals with the choice of the risk identification methods in relation to maturity in product design and project processes, product innovation degree and project team. Product development projects involves risk taking, mainly in the product design phase since critical decisions are made with vague, qualitative and often insufficient information. In this context, risk management is fundamental because it deals with the project uncertainties. Risk management methods rely on risk identification. This initial process influences the results of the other risk management processes. Several methods for risk identification are available in the literature and each one has its own approach to risk identification. Product design as well as project processes systematization level is fundamental to the successful implementation of some risk identification methods. The essence of product innovation is to create or establish something new. However, different product innovation degrees demand different risk identification methods. The more innovative the product, the greater the need for methods that motivate risk identification. The project team plays an important role in the risk identification. They are the people most qualified to identify the risks. However, depending on the characteristics of the risk identification method to be used, more or less of the project team knowledge and involvement are needed. Therefore, the type of risk identification method selected depends strongly on the product design and project maturity levels, product innovation degree and project team. In this paper, a maturity model for the product design and project management as well as a typology for risk identification methods are presented. Some recommendations for the choice of risk identification method, considering the product design process and project management maturity, product innovation and project team, are then proposed. To conclude, the need for a new risk management methodology is discussed.