Title :
A Grey Evaluation Model of Internal Risk in Product Development
Author_Institution :
Coll. of Econ. & Manage., Nanjing Univ. of Aeronaut. & Astronaut.
Abstract :
Risk evaluation in product development is a key for assuring success of product commercialization. Typical evaluation methodologies are based on financial data, estimation and evaluation of risks by engineering economic parameters through sensitivity analysis, probability theory and risk decisions. But these methods do not successfully reveal non-financial risks that are inherent in product development and business processes. This paper analyzes the inherent risks in product development from perspectives of market, technology and consistency with business strategies and resources. It then provides a grey evaluation model of estimating the internal risks in product development, in which an evaluation methodology for classifying grey clusters, calculating weights, creating an evaluation matrix and using comprehensive coefficient are presented. This model provides a strong analysis tool for product development decisions
Keywords :
business data processing; decision making; grey systems; product development; risk management; business strategies; engineering economic parameters; evaluation matrix; grey evaluation model; internal risk evaluation; probability theory; product development; risk decisions; sensitivity analysis; Business; Commercialization; Data engineering; Economic forecasting; Educational institutions; Portfolios; Product development; Research and development; Risk analysis; Sensitivity analysis; Product development; grey evaluation; internal risk; model;
Conference_Titel :
Systems, Man and Cybernetics, 2005 IEEE International Conference on
Conference_Location :
Waikoloa, HI
Print_ISBN :
0-7803-9298-1
DOI :
10.1109/ICSMC.2005.1571371
