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Risk Analysis of Product Innovation Using Markov Process Methodology

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  • Thangamani Gurunathan

    (Indian Institute of Management Kozhikode)

Abstract

Product Innovation is a key aspect of any company and central to the New Product Development (NPD) process. Companies must take risks to launch innovative new products speedily and successfully for its survival and sustainability. Despite meticulous efforts by companies to bring innovations, most of them are failing in the market place and hence the ability to diagnose and manage risk is a very important activity in high risk innovations. This paper presents a new Product Innovation and Development (PID) process and a quantitative methodology for risk assessment. FMEA (Failure Modes and Effects Analysis) and Markov process analysis are combined and presented as the risk assessment method. This methodology also investigates the overall Product innovation and Development process and explores various risks, categorize them according to their sources, assess those risks and explores various risk mitigation techniques. The methodology is demonstrated using a case study on a new innovative home appliance project.

Suggested Citation

  • Thangamani Gurunathan, 2017. "Risk Analysis of Product Innovation Using Markov Process Methodology," Working papers 242, Indian Institute of Management Kozhikode.
    • Handle: RePEc:iik:wpaper:242
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