NPD Risk Management with Experiential Learning Oriented Method

Selecting the right project is crucial for the success of a company, especially in project-based business models. The main purpose of this paper is to describe how a company can create a tool to support both portfolio management and project management in a multi-project environment by describing the factors contributing to the success of projects in the organisation. The success factors are based on the company’s experiences from previous projects, as well as the success factors identified in the literature.
The method is called an experiential learning oriented method for risk management (ELO RM). The method emphasises experiential leaning and uses lessons-learned material in a unique manner and offers clear steps that facilitate learning from the projects to improve the organisational performance. The method also acknowledges that the organisation does not operate as an isolated unit and that co-operation with the other companies is an important
factor contributing to projects’ success. The method is based on research on more than 10 industrial cases. Researchers are interested in further studies on how the experiential learning oriented method enhances learning in projects and the organisation.