Project risk planning in high-tech new product development

Purpose The purpose of this paper is to present the implementation and testing of a modified project risk management framework that integrates PMI’s framework with Monte Carlo simulation to improve the effectiveness in high-tech new product development (NPD) projects. Design/methodology/approach The modified framework considers three bodies of knowledge: project management, risk management, and Monte Carlo simulation to produce an enhance project risk management framework. Its application is shown through a case study. Findings Using the integrated framework in a recent case study project and prior NPD projects measures (as benchmarks), it was shown that it could help to enhance risk responses caused by task durations and costs’ uncertainties. The framework proved to be better than segregated generic best practices and was key in providing insight to the issue of early project risk assessment. Research limitations/implications More experimental replications are required for enhancement effectiveness assertions of the framework, through the application of the framework to similar case studies. Furthermore, this could improve its reliability and soundness. Practical implications Future directions for research could include case and empirical studies that include hypothesis’s testing, and the integration of optimization procedure for improved NPD project’s planning and execution. Originality/value This paper outlines a way to close the gap of project risks management planning in NPD’s initiatives. It was motivated by a relatively new tendency in exploring integrated frameworks to deal with complex project risks issues. Propósito La investigación presenta la implementación y demostración de un esquema modificado de gestión de riesgos para proyectos que integra el esquema propuesto por el Project Management Institute (PMI) con la simulación Monte Carlo para mejorar la eficacia de proyectos de desarrollo de nuevos productos (DNP) de alta tecnología. Diseño/metodología/enfoque El esquema modificado considera tres áreas de conocimiento: gestión de proyectos, gestión de riesgos y simulación Monte Carlo, para producir un mejor esquema de gestión de riesgos del proyecto. Su aplicación se demuestra a través de un estudio de caso. Resultados Utilizando el esquema integrado en un reciente estudio de caso de un proyecto y previos proyectos de DNP como puntos de referencia, se demostró que el esquema podría ayudar a mejorar las estrategias de respuestas a los riesgos caus