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Product development is inherently risky. You must take on risk to do something new and different, to make a product thats competitive in the market. In order for the product development process to be successful, its important that you address risk as cheaply as possible. There are many types of risk in product development, including market risk, manufacturing, organizational and of course technical risk of the design itself. Today were gonna focus on that technical risk. The main tool for assessing risk in products is the design failure modes effects analysis, or DFMEA. In a DFMEA analysis, your team brainstorms all the possible failure modes. You then assess the probability that each failure mode will happen and the severity of the failure if each one were to occur. The highest risk items are those that are ranked both highly in likelihood and severity. To mitigate risk in design, you first perform your DFMEA analysis. Then you update your design to address the highest risk areas.
