Strategy 2 Market announces a newly released risk profile portfolio view feature in the Product Risk Framework (PRF) software tool. Keeping track of uncertainty and risk across product ideas in a portfolio view is imperative when your senior management team needs to decide on what product idea to choose, prior to spending millions of dollars.
A key to effective product development is an efficient means of identifying problems beforehand and a proactive approach against your most serious risks. This is where the PRF comes into play.
- Initially, the PRF helps a cross-functional team to determine the amount of uncertainty and risk that is associated with a product idea.
- The senior team then looks at the level of uncertainty across all the product ideas in the portfolio and determines which ideas make the most sense based on the level of uncertainty and risks the organization is willing to take on. As opposed to choosing a product idea with blinders on, resulting in on-going issues like delays, technology that cannot be solved, products that the customer don’t care about, etc.
The PRF is a business intelligence tool that helps the senior management team to make better decisions on choosing the right product ideas for their company. A PRF user, eloquently stated that, “existing risk management software tools focus on managing risk on executed projects; while the PRF goes further, helping to decide if you should even do the project in the first place.”
Kathy Morrissey and Mary Drotar, Co-founders of the Product Risk Framework® and Strategy 2 Market®, received a grant from the National Science Foundation (NSF) Innovation Corps (I-Corp) for the PRF, sponsored by The University of Chicago.