NPD Risk Management with Experiential learning oriented method
Editor: Boks, Casper; Sigurjonsson, Johannes; Steinert, Martin; Vis, Carlijn; Wulvik, Andreas
Author: Juuti, Tero Sakari; Kopra, Miia-Johanna
Institution: Tampere University of Technology, Finland
Section: New Product Development
t portfolio management, the decision making on project and portfolio selection is less planned and rational and, instead, more political and path-dependent that the normative models would suggest. The decision making on project and portfolio selection is less planned and rational and, instead, more political and path-dependent that the normative models would suggest.
The main purpose of this paper is to describe how a company can create a tool to support both portfolio management and project management in a multi-project environment by describing the factors contributing to the projects’ success in the organization. The success factors are based on the company experiences in the previous projects, as well as, the success factors identified in the literature.
The method is called experiential learning oriented (ELO) method for risk management. The method emphasizes experiential leaning and uses lessons learned material in a unique manner and offers clear steps to learn from the projects to improve the organizational performance. Also, the method acknowledges that the organization does not operate as an isolated unit and the co-operation with the suppliers is an important factor contributing to projects’ success. The method is based on research with more than 10 industrial cases. Researchers are interested to study further how the experiential learning oriented method enhances the learning in the projects and the organization.