Evaluating risks in new product development and assessing the satisfactionof customers through information technology

When risk factors associated with the development of a new product/service and customers' satisfaction are inadequately determined, poorly structured, underevaluated and vaguely expressed, problems may be increased in the sub sequent risk management programme. This paper discusses the evaluation of r isk elements associated with the development of new products/services and p roposes a risk assessment method/model for: (a) selecting potential product s/services as a predictive mechanism; and (b) monitoring and measuring cust omers' satisfaction. The main aims are to assist managers and other profess ionals with an analytical framework based on the potential of Information T echnology (IT) for: (i) effective evaluation of business risks relating to the prediction and development of new products/sevices; and (iii) monitorin g, measurement, feed-back and control of customers' satisfaction. The propo sed method and models include the application of: (a) multicriteria decisio n making involving the Analytic Hierarchy Process (AHP); (b) statistical co mputation involving Cronbach's reliability coefficient; and (c) sun ey vali dity. The proposed framework may support business risk evaluators concerned with the development of new products/services and the assessment of custom ers' satisfaction in effective decision making, especially when attempting to improve a firm's competitiveness and increase its profitability.