PD-Trak™ Risk Management Plan

All new product development (NPD) projects involve risks. The key to preventing failures is to understand and manage these risks. PD-Trak™ provides a structured risk management planning and mitigation process. This starts with a Risk Management Plan template where common NPD project risks are pre-defined to serve as a memory jogger. The product team would then review and expound upon these risks where applicable. For each risk significant identified, the probability of occurrence and the severity of impact is rated to determine an overall risk priority number (RPN). The RPN indicates the magnitude of the risk and focuses the team on actions to mitigate higher risk items. These actions, along with the responsibility for performing these actions, is included on the Risk Management Plan. The Risk Management Plan should be reviewed and updated periodically through the development cycle and this documented plan is typically reviewed as part of the stage-gate review meetings.

For further information, please contact us at: info@pd-trak.com or at 925-484-8436.

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