THE ROLE OF RISK MANAGEMENT IN PROJECT SUCCESS: ANALYZING BEST PRACTICES AND OUTCOMES WITH REFERENCE TO ICICI PRU

The following objectives may be met by the use of risk management to new product development projects: • Strike a good balance • Increase the risk's profitability or value • Provide backing for the company's plan The senior management team of a company or division is in charge of risk management. Managing the product pipeline and making decisions about product risk are responsibilities of this team, which meets often and might be referred to as the Product Committee. The organization's stage-gate assessments are often carried out by the same personnel. Making a product plan outlining your target audience, target products, strategy methodology, competitive focus, etc. Is a good place to start. The second thing to do is figure out how much money or resources you have to offset the risk. Third, there has to be an evaluation of the project's risks, resources needed for investment, profitability (rewards), and any other relevant criteria. When deciding between goods, the relative importance of the objectives differs from one business to the next. However, businesses need to strike a balance between several objectives, such as profit against risk, innovation versus improvement, strategy fit versus reward, market share versus product line, and longterm versus short-term thinking. The risk management procedure has made use of a number of methods: • Regression models • Approach to scoring • Methods using pictures or maps Using heuristics or quantitative models, the first Risk Management approaches optimised the financial returns or profitability of projects. However, neither the Risk's balance nor its alignment with the organization's strategy were given any thought in this approach. Investment needs, profitability, risk, and strategy alignment are all factors that scoring methods take into consideration when weighting and scoring criteria. One possible drawback of this method is that it may place too much focus on financial metrics and not be able to optimise the combination of projects.