What is Risk-Based Product Development

Risk-based product development is a way of predicting and avoiding failures in a particular manufacturing industry. By apply risk models to various instruments, machines, and software, failures can be predicted and fixed long before they have a chance to become a major consumer of both time and money.

There are three steps to risk-based product development:

Identifying the high-risk equipment. All the equipment in a factory is ranked according to risk. These risk factors depend heavily on the type of manufacturing process being used. For example, the a packaging machine that employs only a few steps is likely a lower risk than the machine that goes through a series of several twists and turns before the final product is complete.

Pinpointing certain components that could cause the problem. Figuring out which components are more likely to break down will help engineers decide on the best methods to combat the breakdown. If they can stop it before it happens by replacing parts, finding better and more streamlined ways of production, or choosing a different machine altogether, they have just put their high-risk machine into a new, low-risk category.

Learning how to test the equipment. Risk-based development never really stops. The company and their needs are constantly changing, and that means that every new machine must be assessed for its proper place in the process. Testing the equipment on a regular basis, running risk-based theories on how it fits in with the other machines, and looking at the impact on the industry as a whole are also parts of risk-based product development.

Safety is one of the most important reasons to implement a risk-based product development team. Not only will risk-based development cut down on the time spent on repairs, the money used to replace parts and machines, but it will also reduce the number of industry-related accidents that occur in the facility. Making the manufacturing process more efficient and safer, while increasing profits and keeping overhead low, is the ultimate goal.