Mahesh Caisucar

Dr. Rajesh Prabhu Gaonkar

Abstract

The trend of the industry is to move towards the design and manufacture of more sophisticated products because of the customer satisfaction and global competition involved. New Product Development (NPD) is considered as one of the core functions of the corporate. New product development decisions contain considerable amount of uncertainty causing elements. This can confuse the decision-maker to reach the targeted performance. Uncertainty arises from both internal and external multiple sources including technical, management and commercial issues. A structured approach is required to be used that can facilitate practitioners and decision-makers to evaluate the relative importance among various elements and factors that affect NPD decisions. Hence the new product development is basically a Multi Attribute Decision Making (MADM) problem. This paper aims at investigating various factors affecting the new product development, and uncertainties associated with these factors, which are required to be tackled with multi attribute decision making approach.

Keywords- New Product Development (NPD),Multi Attribute Decision Making (MADM), Uncertainties.