Evaluating Performance of a Product Design: Risk Identification for Likelihood and Impact Analyses

Christian Enyoghasi, Fazleena Badurdeen

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

The design phase of the New Product Development (NPD) process is a critical one; it defines the total lifecycle performance expectations of the product. Numerous operational risks affect the performance of a chosen product design vis-a-vis organizational goals, and objectives. Identification of the potential risks is a prerequisite to analyzing the likelihood and impact of risks and evaluating the influence on product performance. A comprehensive taxonomy that can facilitate identifying risks that can influence the economic, environmental, and societal performance of a product design over its total lifecycle is not available. This paper presents a comprehensive taxonomy developed to address this need. To enable the selection of an appropriate set of risks for a risk analysis, the risks are classified into organization, industry, and external risk categories. The product lifecycle stages affected by the risks are indicated; the potential domains of risk impact in terms of the triple bottom line (TBL) are also presented. The paper further illustrates how the taxonomy can be leveraged to assess the risk likelihood using a Bayesian Belief Network-based approach; the approach to evaluating the impact of risks on the total lifecycle performance of the product design using a method that leverages Lifecycle Impact Assessment is also presented. Managerial implications of these analyses on product design decision making are discussed.

Original languageEnglish
Title of host publicationIISE Annual Conference and Expo 2022
EditorsK. Ellis, W. Ferrell, J. Knapp
ISBN (Electronic)9781713858072
StatePublished - 2022
EventIISE Annual Conference and Expo 2022 - Seattle, United States
Duration: May 21 2022May 24 2022

Publication series

NameIISE Annual Conference and Expo 2022

Conference

ConferenceIISE Annual Conference and Expo 2022
Country/TerritoryUnited States
CitySeattle
Period5/21/225/24/22

Bibliographical note

Publisher Copyright:
© 2022 IISE Annual Conference and Expo 2022. All rights reserved.

Keywords

  • Product design performance
  • Risk identification
  • Risk impact
  • Risk likelihood
  • taxonomy

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Industrial and Manufacturing Engineering

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