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Risk assessment of option performance for new product and process development projects in the chemical industry: a case study

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Abstract:

This paper presents as a case study, empirical research forming part of a large EPSRC‐funded project to decrease new product and process development times within the UK fine chemicals industry. The work aimed to design a decision support system to evaluate competing options in such development projects. Theoretical and practical contributions from academic and industrial collaborating groups were integrated using Action Research. High levels of risk when bringing new products to market or new processes on line means that risk assessment features significantly when evaluating different project options. A key research target, and the concern of this paper, is the design and use of a risk assessment tool (RAT) to fit the context of the overall decision support system. Collectively the tools enabled the options within individual projects to be evaluated on risk and other performance dimensions. Industrialists provided a number of comprehensive case studies to test the suite of tools. Theoretical and empirical implications are discussed.

Keywords: case study; fine chemicals; performance management; risk assessment

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/13669870500167003

Affiliations: 1: Leeds University Business School, Western Campus, Leeds, UK 2: Aston Business School, University of Aston, Birmingham, UK and Candido Mendes Business School, Brazil

Publication date: October 1, 2005

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