Mary Drotar and Kathy Morrissey of Strategy 2 Market announced the release of 1.0 of the Product Risk Framework® (PRF). The PRF is a business intelligence software tool founded on behavioral economic principles that improves team decision-making and leads to product success. Product Risk Framework 1.0 includes the identification, evaluation, prioritization and tracking of product development uncertainties and risks. Clients are currently piloting this first version of the PRF tool.
The unified Product Risk Framework software platform enables companies to de-risk and successfully develop innovative products. Various behavioral economic techniques for better decision-making are incorporated, including: a decision-making framework, reference class forecasting and nudges. Future enhancements will utilize new techniques in artificial intelligence and Bayesian learning models to leverage the experience of the broader community of users and improve risk identification and evaluation.
Mary and Kathy recently received a grant for the PRF in 2018 from the National Science Foundation (NSF) STEM I-Corp program through the University of Chicago.
Part of the grant included interviewing product development professionals on uncertainty and risk in product development. These professionals spanned across different industries and ranks. The PRF tool is built based on the input from these professionals, over 32+ years of combined product development consulting experience, pilots and extensive secondary research.
A Use Case provides further information on how product development teams can use the PRF SW tool to develop products more successfully.
Mary and Kathy are looking for companies that are interested in decreasing product development uncertainty and risk. To learn more, please contact Mary for a copy of their latest case study on the Product Risk Framework.