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Designing Risk Management: Applying Value Stream Mapping to Risk Management

Part of: Innovation Engineering

Published online by Cambridge University Press:  26 July 2019

Pelle Willumsen ,
Josef Oehmen  and
Monica Rossi
Pelle Willumsen*
Affiliation:
Danish Technical University (DTU)
Josef Oehmen
Affiliation:
Danish Technical University (DTU)
Monica Rossi
Affiliation:
Polytecnic de Milan
*
Contact: Willumsen, Pelle, Danish Technical University (DTU), Management engineering, Denmark, pwil@dtu.dk

Abstract

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Risk management (RM) in new product development (NPD) is often implemented as a standardized framework and ends up being carried out as a tick the box, non-value adding activity. To avoid this problem, RM needs to be tailored to the organization and NPD project. This paper identifies a gap in both understanding and facilitating tailoring, i.e. design of RM systems in NPD. To understand how to design RM systems, we must better understand how RM adds value to NPD activities. We applied Product Development Value Stream Mapping (PDVSM) to RM and conceptualized a Risk Value Stream Mapping (RVSM) framework to support design. Through a state-of-the-art literature review, we identified typical categories of value and waste in RM as well as approaches to model the RM in NPD. We developed and tested components of the RVSM framework based on PDVSM in three case companies. In this paper, results are presented regarding waste, value and potential ways to model the value stream in RM. The framework enables a diagnosis of the current state of RM in companies and supports future design activities pertaining to RM systems. This paper is positioned at the intersection of design, lean thinking and RM

Keywords

Risk managementNew product developmentLean design
Type
Article
Information
Proceedings of the Design Society: International Conference on Engineering Design , Volume 1 , Issue 1 , July 2019 , pp. 2229 - 2238
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
© The Author(s) 2019

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