The essence of undertaking a product innovation project is to create or establish something new. Risk taking is an intrinsic part of that process. In today's markets, with heavy competition, advanced technology and tough economic conditions, successful product innovation has become critically important to maintaining and increasing competitive advantage. In consequence, the importance of diagnosing and managing risks throughout the development process has increased accordingly. As risks are inherent to innovation, a strategy based on risk avoidance cannot be a realistic option. So if risks are unavoidable, management must develop an approach that will identify risks at an early stage of the innovation process and develop strategies to manag...