Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 32145
Quantification of Technology Innovation Usinga Risk-Based Framework

Authors: Gerard E. Sleefe


There is significant interest in achieving technology innovation through new product development activities. It is recognized, however, that traditional project management practices focused only on performance, cost, and schedule attributes, can often lead to risk mitigation strategies that limit new technology innovation. In this paper, a new approach is proposed for formally managing and quantifying technology innovation. This approach uses a risk-based framework that simultaneously optimizes innovation attributes along with traditional project management and system engineering attributes. To demonstrate the efficacy of the new riskbased approach, a comprehensive product development experiment was conducted. This experiment simultaneously managed the innovation risks and the product delivery risks through the proposed risk-based framework. Quantitative metrics for technology innovation were tracked and the experimental results indicate that the risk-based approach can simultaneously achieve both project deliverable and innovation objectives.

Keywords: innovation, risk assessment, product development, technology management.

Digital Object Identifier (DOI):

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1488


[1] Cooper, R.G., Edgett, S.J., and Kleinschmidt E.J.; Portfolio Management for New Products. Addison Wesley, 1998.
[2] Kavanagh, D., and Naughton, E.; Innovation and Project Management - Exploring the Links, Project Management World Today, April 2009.
[3] Crawford, C.M.; The Hidden Costs of Accelerated Product Development, Journal of Project Innovation Management, Vol. 9, 1992.
[4] George, T., Powers, R.; Closing the TRL Gap, Aerospace America, August 2003.
[5] McNeil, A.J., Frey, R., and Embrechts, P.; Quantitative Risk Management Concepts, Techniques, and Tools, Princeton University Press, 2005.
[6] Bender, W.J. and Ayyub, B.M.; Risk-Based Cost-Control for Construction, Proceedings of the Advancement of Cost Engineering Society, June 2001.
[7] Jonkman, S.N., Van Gelder, P., Vrijling, J.K.; An Overview of Quantitative Risk Measures for Loss of Life and Economic Damage, Journal of Hazardous Materials, May 2003.
[8] Kumamoto, H., and Henley, E.J.; Probabilistic Risk Assessment and Management for Engineers and Scientists, 2nd Edition, IEEE Press, 1996.
[9] Chesbrough, H.; Managing Open Innovation, Journal of Research in Technology Management, January 2004.
[10] Dundas, G.R., and Krentler, K.A.; Critical Path Method for Introducing an Industrial Product, Industrial Marketing Management, April 1982.
[11] Grantham, K.L.; Detailed Risk Analysis for Failure Prevention in Conceptual Design, Proceedings of the ASME International Design Engineering Conference, September 2007.
[12] Hage, J., Jordan, G., Mote, J., and Whitestone, Y.; Designing and Facilitating Collaboration in R&D: A Case Study, Journal of Engineering Technology Management, October 2008.
[13] Polosky, M.A., and Garcia, E.J.; Microsystem Product Development, Design, Test, Integration, and Packaging of MEMS, April 2006.
[14] Mankins, J.C.; Technology Readiness Levels: A White Paper, NASA Office of Space Access and Technology, April 1995.