Controlling and regulating knowledge can be a significant challenge for business organisations as it helps them to stay ahead of other businesses within the market. Efficient utilisation of knowledge and talent within organisations can lead to companies gaining an edge over others and can reduce risks. While developing new projects, an important agenda for stakeholders of companies is to reduce risks. Since life cycle of products has become shorter due to a shortening of the interval for the technical innovation cycle, emergence of risks has increased. Moreover, customer needs have diversified following which rapid improvements within products are being made every day. In this research project to reduce risk in new projects development through knowledge management: a practitioner perspective is discussed. In research methodology positivism theory is used and in research approach deductive theory is used. In this project researcher used explanatory rules for research design. Researcher used secondary data collection method to collect data; they took help from academic journal from Google scholar and Proquest. They also used other website, webpage, books for this research project.

1.2. Motivations for the research

The researcher desires to delve into various ways of knowledge so that valuable insight is gained into methods and procedures of product development. Often when new products are being developed, project managers and product development managers encounter a wide range of risks like risks in implementation, risk in design and risk in layout. Hence, it is necessary that risks be recognised before the initiation of the project so that losses are minimized within the development process. Not only do risks occur during initiation, risks may occur at various stages of product development like implementation, testing and so on. A major motivation for the researcher therefore is to find ways in which risks can be reduced while developing new products.

Another priority for the researcher is to find ways in which ways in which the production process can be optimised. Since lifecycle of new products have been drastically reduced, it is necessary that quality of these products be maintained. Given the diversification of needs of customers, products that are currently developed within the markets serve multiple purposes. It is therefore necessary that organisations employ adequate knowledge procedures to develop these products. A second motivation of the researcher is to therefore be to examine various acknowledgement models and theories that aid development of new products.

Risk reduction in new project development through knowledge management is topic where the researcher has discussed how to reduce risk in a new project with help of knowledge management

1.3. The significance of the study

In current markets, competition is very high and in order to stay afloat within the market, it is required that companies develop and release new services and products that are not only innovative but also functional. Reasons such as corporate survival and increased organisational performance , companies have to consistently work on moulding new products (Deligianni et al. 2017). However, as per the findings of Spring et al. (2017), it has been reported that the rate of projects dealing with development of new products or services is remarkably low. According to the findings of Maylor and Turner (2017) in his study, about 70% of global projects that deal with the formation of new products fail before reaching the stage of completion. On the other hand, among the number of projects that are completed, about 20% of them fail to give any kind of valuable return on investment and become profitable (Linnenluecke, 2017).

Some of the main reasons why a lot of companies fail in their attempts to incur profits while developing new products are a consistent increase in time in each of stages of development, an increase in costs for each stage and other technical difficulties. Other difficulties include mismanagement of activity schedules, problems in constructing step-by-step procedures and obstacles in forming plans for distribution (Voxeu.org, 2019). Lack of a succinct decision-making body also hinders efficient assessment of risks during product development (Fran a et al. 2017). Therefore, it is extremely necessary that the researcher find out ways to minimize risks during product development stages since awareness of risks will allow speedy risk management and risk mitigation.

This research signifies that risk of a project can be reduced by using knowledge management technique. Knowledge management is a process to create, use, share and manage knowledge in an organization (Donate and Pablo, 2015). Importance of this project is that the researcher analyzes collected data and has given overview, how to implement this theory and conclusion about risk management.

1.4 Research Question

1.4.1. Research Aim

The aim of the research is to reduce the risk agenda in the new projects with the help of knowledge management. This research will be done based on a practitioner perspective.

1.4.2. Research Objectives

To identify the obstacles and difficulties in new projects

To find whether there is any loopholes in the risk identification procedure

To analyse the concept of knowledge management in a new project

To recommend possible ways by which risk can be reduced through knowledge management

1.4.3. Research question

● What are the obstacles and difficulties that are often encountered while developing new products or services?

● Are there any loopholes within the process of risk identification?

● What is the significance of knowledge management in a new project?

● What are the possible ways by which knowledge management can be used to reduce risks during a new project?

Subsection:

● What is meant by risk in knowledge management?

● What can be the types of barriers faced by the business management in providing limitations?

● What are the effective areas in the business to maintain risk?

1.5. Research Design

Research design helps to provide a systematic pathway for researchers to go about the process of research and make the study more insightful. In other words, the aim of the research design is to lay out the fundamental framework for the research so that the process of research is conducted in an ethical and systematic procedure.

In terms of research approach, it can be said that there are mainly two kinds of approaches used by researchers all over. As influenced by the opinions of Flick (2018), it can be stated that two major approaches to research are inductive and deductive. Within the current context, the researcher will use the deductive research approach so that the researcher can compare data from contrasting theories and perspectives of other researchers to analyse data. As per Walliman (2017), the aim of deductive research approach is to investigate research questions via comparative analysis of data and evaluation of existing theories. Within the context of the current research, the researcher will need to deduce facts by consulting with previous research papers on NPD cycles of processes of development of new products (Trieu, 2017). Other than this, the researcher will also have to consult secondary data regarding various risk factors that have previously cropped up during production processes.

In terms of research philosophy, the researcher will be using post-positivism because the context if the current research demands that the researcher work on effective interpretation of data through the help of logical arguments. As per the ideas of Walliman (2017), it can be stated that post-positivism is one of the three research philosophies existing within research methodology and that it focuses on an accurate utilisation of differing points if view of other researchers.

On the other hand, the researcher will be using secondary data for the current research because the researcher will need to refer to various books, journals, and online articles for making a comparison between different product development processes (Walliman 2017). Other than this, the researcher will also have to make a note of various risk management techniques that have been used by organisation in the past to identify risks while developing new products. In order to do this, the research will be following a secondary qualitative analysis so that the researcher can make a thematic comparison of differing viewpoints and ideas (Flick, 2018). Within secondary qualitative analysis, the researcher will be utilising thematic analysis to generate adequate and relevant themes relating to the topic for a better understanding of ideas related to product development and knowledge management. Other than this, the researcher will be using a descriptive research design because the researcher will need to effectively describe various strategic processes and techniques used by organisations to recognise risks within the product development cycle.

While selecting secondary data, the researcher will be utilizing the inclusion and exclusion criteria technique. As has been pointed out by Walliman (2017), utilizing inclusion and exclusion criteria helps in selection of only relevant journals and articles by the researcher and helps the researcher to eliminate materials that contain vague information or data unrelated to the topic.

Researcher has applied explanatory rules in this research method and positivism philosophy has been used in this project. Deductive research approach has been used by researcher because it helps modify the design of the approach for exact theory to test the hypothesis.

Research Approach	Deductive Research Approach
Research Philosophy	Post-Positivism
Research Data	Secondary Data
Research Design	Descriptive Research Design
Research Analysis	Secondary Qualitative Analysis (Thematic Analysis)

Table 1: Research Design

1.6. Theoretical orientation

Assumptions within the research:

● It has been assumed by the researcher that most projects that involve development of new products do not reach the stage of completion without a major risk in implementation

● Assumptions regarding probability of risks happening mostly after initiation of product development is also assumed by the researcher

● Lack of time and lack of adequate back up plan in the event of a major risk during product development is also assumed since most projects fail due to this particular reason

● Lastly, it has been assumed by the researcher that there is a lack of knowledge management techniques followed by organisations in developing new products

Apart from this, relevant theories in relation to the topic that shall be used by the researcher are:

Fuzzy model

Fuzzy modelling techniques are those where a combination of deduction procedures and human knowledge is utilised. As per the findings of Maylor and Turner (2017) in his study, in fuzzy modelling approaches, complex tasks are managed by dynamic systems and control paradigm.

Hierarchical Risk Breakdown Structure (HRBS)

The Hierarchical Risk Breakdown structure is a framework that systematically performs evaluation of risks and analyses their sources within various projects (Voxeu.org, 2019). This model effectively locates factors that cause and finds out their sources.

In this research paper on how to reduce risk in a new project using knowledge management, researcher used Hierarchical Risk Breakdown Structure (HRBS) and Fuzzy model. In Fuzzy model human knowledge and deduction theory both are combined and control paradigram and system of dynamic manage complex tasks (Grover and Froese, 2016). Hierarchical Risk Breakdown Structure identifies risk within source and analyzed the source of the risk.

1.7. Expected findings and applications

An application of the AHP method, especially the fuzzy theory helps to effectively assess and examine impacts of risks on new product development. Besides, the application of fuzzy theory, application of the Hierarchical Risk Breakdown Structure (HRBS) will yield valuable results on kind of risks that usually comes up within the life cycle of product development. Hence some of the findings include:

● Methods or frameworks that are traditionally applied for analysing risks are not suitable enough for identifying all kinds of risks since application of these frameworks are very limited and restrained. The main areas where traditional methods focus are research and development and finances. This limitation creates obstacles in laying out scope and extent of risks within the NPD cycle

● Application of models like the fuzzy model or the HRBS framework will be suitable for categorizing risks and this will, in turn lead towards the development of a better framework or structure for assessing risks. The AHP model, in addition to the fuzzy model will aid in determining levels of risks based on their priorities, costs required to handle risks and so on.

● AHP models also help to determine pathways of other related activities that help in the reduction or lessening of costs. Time required for mitigating risks is also lessened and this in turn leads to towards an optimisation of the overall required costs for a given NPD cycle.

Applications

● AHP models, especially fuzzy models can be applied by various industries while initiating new projects so that all risk factors are considered before initiating the cycle of product development.

● The HRBS framework may be utilised by business organisations to locate underlying risks within product development stages, to set scope of risks and their causes. Based on the results of risk analysis, companies and business organizations can determine whether they want to go ahead with the project or not.

● Apart from these uses, application of frameworks like AHP models, fuzzy models and HRBS framework might help companies to create databases consisting of risks, their factors, sources of risks and their classifications. Not only this, existing databases also be updated once new risks are located by organisations.

This research project gives the solution of risk in a new developed project. In this project researcher has shown how to reduce risk in a new project by using knowledge development.

1.8. Structure of thesis:

Figure 1: Structure of dissertation

(Source: self developed)

In structure of thesis five different topic is used which are introduction, literature review, methodology, data collection and conclusion.

The purpose of the current research proposal is to find ways in which risks can be identified and reduced. Focus is laid on the AHP model especially the fuzzy model and the Hierarchical Risk Breakdown structure (HRBS) as agents to detect risks during development of new products. Apart from this, the proposal will also highlight anticipated findings and applications within the context of the research

1.9 Conclusion

In order to locate and identify risks during the development of new products, organisations use various frameworks for risk reduction, but due to the volatile nature of risks, these frameworks often fall short of expectations. Besides, emergence of new and unprecedented risks, project developers also face shortages of time and money while developing new projects, and due to these reasons, projects never reach the completion stage. It is here that organisations should think of utilising approaches of knowledge management so that adequate ideas can be used to support ways of dealing with risks. Since risks can always be of a dynamic nature when it comes to new product development, organizations must choose approaches like acknowledgement in order to develop risk free products and be competitive within the market.

The researcher has concluded that knowledge management is process to create, share and use the information and this process can be implemented in a new project to reduce the risk of the project. Deductive research approach has been used in this research and researcher also used post positivism research philosophy. They used descriptive research design and secondary data collection method.

Chapter 2: Literature review

2.1. Introduction

Systems of knowledge management play a vital role to reduce risk while developing new projects. It is important in establishing programs of cross-training, content systems to enhance knowledge of business, creating document systems of management like Box to retrieve documentation of a company. Tools of social networking such as Workplace are vital to increase communication and collaboration. It shares enough space to cope up with risk in new project.

The present research has shed light on discussion of literature review chapter to include basic concepts, theories, and models, which are necessary to understand present topic. Concept of Just in Time (JIT), fuzzy model, importance of risk breakdown structure and much more would be involved to know how they manage to mitigate risk in project development.

2.2. Concept of new product development

Introduction introduced this concept as fundamental capability to respond to creation of new product development such that it can able to diverse demands of work environment. Through this concept, new project can realize strategic flexibility by generating new ideas of services as well as products to sensed opportunities. According to Gutierrez-Gutierrez, Barrales-Molina & Kaynak (2018, pp.43-66), concept of development of new product (NPD) establishes idea screening from both strategic and tactical decisions to support and understand opportunities or threats of new project. Moreover, concept development, development of business strategy and product development implement quality management to promote NPD and align it with goods between market and technological state concerning new project.

Figure 2.1: Model of NPD

(Source: Business.qld.gov.au 2019)

Knowledge of teamwork is gained from NPD concept through test marketing, which helps to increase individual creativity in order to bring success in projects of NPD. NPD is also important to produce approach of problem solving which would lead into improvement of existing products and services of new projects. Furthermore, commercialization of NDP organizes empowerment to strengthen channels of communication thereby promoting autonomy, self-evaluation and so on. As a result, it would minimize restrictions which are responsible for caused by aspects of technical field and would foster capacity to create path-breaking products (Cagliano, Grimaldi & Rafele 2015, pp.232-248). Thus, this concept can be able to find out obstacles and other relatable difficulties with help of aforementioned approaches of NDP.

2.3. Fuzzy model

This model is considered a method of risk evaluation as it provides strategic making of decision in presence of production networks (GPNs). As cited by Niknejad & Petrovic (2016, pp.44-58), Fuzzy Inoperability Model of Input and Output (Fuzzy DIIM) is defined as knowledge model which aims to reduce uncertainties that may appear due to random events nature while preparing a new project. Medium reliability concerning high substitutability is modeled as parameters of fuzzy in order to track region of uncertainties in new project. Hence, this theory helps to manage lucrative relationship between uncertainties outcomes and parameters of input.

This model considers economic factors like profit, income of new project development to determine level of interdependencies on basis of statistical data. For example, while preparing this new project, manager concern with it can make relevant decision by depending upon subjective judgment as well as expertise. This would help to express conveniently with help of linguistic terms such as fuzzy numbers, arithmetic sources and so on. They assist to build suitable structure with effective data model that would later correspond to operations of arithmetic. Apart from this, dependency criteria of fuzzy model help in determining interdependency between nodes, dependent, nodes of supporting. In this regard, trade volume; inventory as if dependency criteria are well addressed which can create direct relationship to ensure high outputs in return.

Fuzzy model standardizes substitutability of product by replacing product, which can create barrier in new project. Thus, it helps to search barriers thereby mitigating it to some extent. Supporting node like substitutability of new product supplier would be replaced by partner to maintain interdependency level such that it can lessen risks. Collaboration agreement provides sufficient flexibility to underpin dependent node thereby lowering interdependency. Information transparency of new project is shared by supporting node with help of fuzzy model, which offer chances to face possible disruptions whenever appear. Physical distance between observer and project manager is also maintained by this model which help to create direct relationship between them (Winch & Leiringer 2016, pp.271-281). Thus, it can be delivered during devising the new project such that risk factors can be recognized to eliminate them.

Figure 2.2: Fuzzy Model

(Source: Created by author)

Besides this, evaluation of new product system of service (PSS) is measured and gained through fuzziness or randomness of this model. For instance, service depends on skills of staffs, which is required for cooperation with customers. It would determine weights like AHP, ANP, and much more to leverage unique capabilities with respect to development of new project. On the other hand, deployment of quality function (FQFD) of fuzzy is evaluated with help of fuzzy multigroup as it introduces to an appropriate decision making. This is useful in evaluating indicators of key performance such as productivity, profit and lead production of time (Chen et al. 2015, pp.1123-1141). Hence, this technique would manage to conduct and combine deduction procedures by utilizing knowledges of human to control and escape from risks in a dynamic way. [Referred to Appendix 1]

2.4. Model of risk breakdown structure

Risk relates to uncertain event that may include positive and negative effects of a concerned project. Under condition of negative impact, risk breakdown structure put support by determining success factors of project. For example, it increased attention of actual quality, performance of cost and time to reduce risk of time-oriented and costs in new project. It acts as powerful agenda to eliminate loopholes whenever present within risk identification procedure. Framework measures risks and analyzes sources regarding new project. As opined by Cagliano, Grimaldi & Rafele (2015, pp.232-248), different phase of risk management is stated to derive life cycle of project and corporate maturity on risk. Technical, external, organizational and project management is the field which is devised from this model. Technical aspects help to manage risks related to requirements, technology, complexities, quality and performances of new project.

External aspects eliminate risks of regulatory, market and suppliers of new project. Organizational level manages to escape risks, which are associated with project resources, funding, and prioritization. Finally, risks of project management include planning risks, estimating risks and risks related to controlling and communication respectively. Apart from this, this model helps to provide strategies, which can eliminate risky events such as Expected value of money, analysis of What-if and much more. Cause & effect diagram is also established to analyze risks, which are aforementioned above. Besides this, knowledge is the fundamental element concerning attitude towards risk management that limits qualitative investigation by reducing risks in a new project. Rational risk is maintained by this model, which help to improve and promote communication by managing uncertainty. Innovation degree of new products connects new phases of project cycle by interpreting and managing risks (Cagliano, Grimaldi & Rafele 2015, pp.232-248).

Figure 2.3: Model of Risk Breakdown Structure

(Source: www.risktools.com.au 2018)

2.5. Model of AHP

AHP stands for analytical process of hierarchy, which is used to construct a new project by avoiding risks and issues related to it. It is used to enhance attention in management of construction in order to analyze situations of complexities to make sound decisions. According to Darko et al. (2018, pp.1-17), AHP acts as method of decision making which involve three defined steps to exit risks in creating new project. First step of this model states formation of hierarchy, which helps to make goal of decision along with identification of sub-criteria to reach the goal of decision. Pairwise comparisons are the next step, which refers to decision-makers who are necessary to compare and complete hierarchical elements of projects. Final step is to verify consistency, which includes expertise and their judgments to ensure relative importance of project criterion. Therefore, this enables to gain optimized outcome in new project. In addition, computation concerning consistency ratio is also performed by this model to revise decision-making process in an effective way.

AHP idea provides simple and easy calculation procedure, which can easily be accessible by agenda or manager like people while handling this new project. In term of contribution of PSS, it is noted that this model establishes requisite design approach which can maintain fuzziness whenever to appear during assessment of new project. It also supports to choose proper leader to analyze new project. Therefore, this project can be able to organize new leader to rule the project in a successive way. On the other hand, AHP model structured decision modeling by acknowledging nature, judgements, opinions, and needs of new project. It would help to establish newly criteria thought which would act as an option of alternative to make changes or delete from present situations. In this perspective, risks can be treated as one of alternative option, which can be removed or reduced to a certain extent.

Figure 2.4: AHP model in six-sigma formation

(Source: Todorović et al. 2015, pp.772-783)

Apart from this, AHP model is treated as six sigma model which subjects to make financial benefits in maximum amount thereby maximizing capability of new project process. In this concern satisfaction of customer is met by fulfilling gaps of knowledge as well as risk management (Darko et al. 2018, pp.1-17). This model minimizes risk by identifying them and hence it can be said that it recognizes drawbacks in new project. Finally, after this analysis, it aims to redesign which is termed as alternative source as mentioned before. Main purpose of this level of AHP model is to do improvement of six sigma stages thereby mitigating issues, which are available to new project.

2.6. Concept of knowledge management systems

Systems of knowledge management are a concept of knowledge, which improves collaboration and locates sources of knowledge to repost hidden knowledge. Knowledge transfer is satisfied in competitive work environment and for this training of e-learning is necessary to estimate requisite skills of new project. In particular, it would judge s risks to reduce them. Knowledge management concept produces high accessibility to analyze decision required for new project. Designing framework and implementing technical programming is also possible with the help of this model to standardized knowledge flows in efficient way (Gutierrez-Gutierrez, Barrales-Molina & Kaynak (2018, pp.43-66). However, in perspective of new project, this system adopts, accepts and assimilates characteristics of project process. It is influenced by designs and attitudes knowledge, which ensure use of technology towards effective performance. Thus, concept of knowledge management can be understood along with its benefits to prepare a new project without any risks.

This concept helps to establish different skills of project strategy, which are essential to undertake new projects such as leadership skill, skills of strategic thinking, industry knowledge and many more. Management skills like team building, measurement of risk analysis and its values, people management, mapping of project process can also be outlined with the help of this concept. Another benefit of this concept is that it performs mentoring and design problem solving like approaches through means of intellectual learning skill which deals with ambiguity in devising new project. According to Todorović et al. (2015, pp.772-783), communication interpersonal attributes are also achieved when this concept is used to deal with new project. For example, listening, working with team, consulting and so on is organized via this knowledge management system.

Figure 2.5: Model of Knowledge Management System

(Source: Business.qld.gov.au 2019)

From aforementioned statement, it is therefore evident that knowledge management would enable workers of new project to possess not only factual but also theoretical knowledge. Motivation is also enforced among workers who are involved in new project to maintain each intellectual capability of individuals. Knowledge systems customize traditional learning to promote accessibility through approaches of multimodal. Besides this, recognition is also accounted by this concept, which proves certification of individuals who would be involved in new project analysis. Hence, identification of risks is possible to know concerning new project.

2.7. Concept of Just in Time (JIT)

JIT concept is regarded as management approach, which aims to raise productivity sources by minimizing waste formation in a project. It is operational approach, which is needed to promote performance through means of waste reduction. Therefore, it processes to meet ultimate goal concerning new products and services of a new project. Besides this, JIT is also considered as integrated and problem-solving method as it facilitates timeliness in production, level of supply and distribution effort. It gained interest of individuals by delivering products of high quality and services. This concept devised dimensions of performances which underpin philosophical elements by maintaining system flexibility in new project (Asri et al. 2016, p.71).

Value of logistics is addressed by JIT from viewpoint of acquisition of raw materials which manages to include services of customer, order processing, management of inventory and transportation. This concept manages to produce good customer services by delivering right product, which would be used by right customer under right place and at right quantity. Order processing of products of new project is also enforced by certain activities, which would include collecting of raw products, entering, transmitting of it with requisite information source. With this approach, financial planning, scheduling, logistics of operations, planning of production and market analysis is collected.

Inventory management and transportation are concerned by JIT to analyze retailers, suppliers, distributors to value supply chain. In the words of Lai & Cheng (2016, p. 08), waste reduction is possible with the help of JIT approach. For instance, procedures of order processing would require value network (VAN) to perform continuous improvement (CI). Loading and unloading of operational logistics can, therefore, be driven properly by reducing cost management among suppliers and intermediaries of new project. Besides reduction of waste, improvement of services is gained by JIT. This is attained by meeting each need of requirement of new project thereby establishing possession, and time utilities for customers.

Figure 2.6: Model of JIT

(Source: Oluwaseyi, Onifade & Odeyinka 2017, pp.1-11)

Achievement of quality products is carried out by JIT, which aims to develop new project. This would contain zero defects that are absence of risks can be seen. Inventory logistics is controlled by JIT, which helps to contain information between origin point and consumption point to meet requirements of customers. Through this model, physical distribution among new project workers is achievable by enforcing movement of products from end of assembly line (Dudek-Burlikowska, 2015, pp.229-236). Inventory of raw materials like cash, work-in-progress and finished products are accessible through means of this concept, which helps to maintain coordination between production of new project and workers of new project. Apart from inventory management, scheduling helps to improve investment return (ROI) by minimizing carrying amount of costs. Thus, flexible flow of work operations without any risks like huge costs is achieved when JIT is used in new project.

In perspectives of management of total quality (TOM), lead-time production is produced by improving technical and behavioral aspects in cost-effective manner. However, Shewart's cycle is beneficial one in this condition to detect and determine whether TOM is initiating in new project to attain success or not. This cycle would identify causes of detection and would provide support by regulating effectiveness in relation to costs of new project. Moreover, teamwork, commitment of management are enabled by JIT and TOM which help to solve issues of new project thereby mitigating them (Oluwaseyi, Onifade & Odeyinka 2017, pp.1-11). Hence, indicators of key performance, as well as elements of JIT, is outlined properly in this way which includes standardization of new project, commitment of top management, total maintenance of production, employee training and much more.

Figure 2.7: Shewart s Cycle of Total Quality Management

(Source: Dudek-Burlikowska 2015, pp.229-236)

2.8. Gap in Literature

While analyzing for risk management with an approach of knowledge management system to focus on new projects, various journals and books have been researched. It is found that certain journals have shed light on risk management wherein certain has influenced analysis of logistics of JIT. Besides these two concepts, some articles have provided importance on TOM, Fuzzy model whereas very few include analysis of Shewart cycle. Hence, lack in literature review is found that create gap because no new journal has shed a little impact on new product development with its importance to tackle risks. Therefore, this is the gap and necessity of this research to review essentially of knowledge management concerning new project development. Researcher has discussed how to reduce risk in a business or in a project by using knowledge management. They have covered different type of theory and method like they have used deductive research approach and post positivism research philosophy. They then used descriptive research design for this project and secondary data collection method. Though researcher has covered all most everything, some details how to implement was needed.

2.9. Conceptual Framework

Figure 2.8: Conceptual Framework

(Source: Created by author)

There are TACIT knowledge and explicit knowledge in knowledge management which are the combination of socialization, externalization and internalization. TACIT knowledge is converted into explicit knowledge which can be called integration risk which may convert to mitigation of risk through adaptability.

2.10. Conclusion

From the above analysis, it can be said that this research has briefly discussed various concepts, and models, which are necessary to manage risks while undertaking a new project. Initially, the concept of new product development is analyzed to figure out its benefits and characteristics along with strategies that are aidful to mitigate risks. Fuzzy model analysis is done which provide supportive background to cope up with uncertainties in a new project to meet required targets.

Concept of breakdown structure of risk and model of AHP has been mentioned by marking out the advantages of them to use it in a new project. Knowledge management systems are analyzed to know importance of it in order to devise a new project without any risks. Finally, JIT and TOM concepts are discussed to reduce risks and improve services and products in a new project.

Chapter 3: Methodology

3.1 Overview on the research

In the overview of the research it is associated that the knowledge management helps in promotion of the things in the right way. In respect to this while promoting there can be many types of risks such as many the use of the article may not be better as per the perception. As per Bromiley et al (2015, p. 266), the article cannot be received by the people because of the low demand as well as low marketing. As per Stark (2015, p. 19), incensement in price can be there as it there is low demand in the market. The pros can be less in respect to cons of that article..

3.2 Research Hypothesis

H1: Risk management plan impacts in the business and technology

H0: Risk management plan does not impact in the business and technology

H2: The new process of building is helpful for the business

H0: The new process of building is not helpful for the business

Hypothesis

Research Questions

Utilization of Instruments

1. Impact of risk management plan in business and technology

1.1. Positive impact of risk management plan in the business and technology

1.2. Negative impact of Risk management plan in the business and technology

2. Impact of new process in business

2.1. Positive impact of new process to build the business

2.2. Negative impact of new process to build the business

1. How much risk management plan is important in business and technology?

2. Why new process is needed by new business and technology?

Questionnaires are designed to identify the uses of knowledge management in a new business and management to reduce risk of the project. Knowledge management is a process to create, use and share the information among people to get better and innovative result. In this research project researcher has used deductive research approach and post positivism research philosophy in this project. They also used descriptive research approach in research design and secondary data collection method and then they analyzed the data for this project.

3.3 Analysis on research design

3.3.1. Research philosophy

In the research philosophy, positivism has to be acknowledged in a brief way. Positivism brings various collection and settings that are being introduced in the interpretation of the data collection and can be approved in the various ways. Positive study brings the upliftment in the field of business awareness. In positivism philosophy, certain observations and limitations are to be interpreted along with the data. However Engert and Baumgartner (2016, p. 834), stated that positivism philosophy is applicable for determination of fact based information from other sources. Using this mode, it is possible for the researcher to bring philosophy and findings that become very quantifiable and very much observable for the research philosophy.

3.3.2. Research approach

In this assignment, deductive approach helps in maintaining to do the researches that are being concerned in the development of hypothesis on the existing theory. Apart from all this, it can be concluded that the researcher helps in the modification of designing the approach for the proper theory while testing the hypothesis. Deductive approach has been taken under consideration in this study. Apart from all the design in the deductive approach, it helps to explain the means of hypothesis. According to Estrin et al. (2016, p. 480), in the simple way it can be varied that the deduction helps in the involvement of the conclusion of the various preposition. It can be approached that high volume of resources helps in the needfulness of resources that can be achieved through short period of time that helps in the completion of the study. As per Bell et al (2018, p. 50), risk management helps in the deterioration of the business management because there can be various unfavourable circumstances that leads in the upbringing of the organisation.

3.3.3. Research design

In the research design, the explanatory rules are being carried out by the researcher. This can be conducted with the fact that the risk has to be determined for the specification of the issues. This can be conducted on the various topics. In research design, there are usefulness for the better understanding of the of the research topic that need to be concluded. However, Fraser et al (2015, p. 75), in the directional way, it provides the conclusive and exclusive design that is being implemented on the basis of the evidence. In the research design it has been concluded that the research design provides the final conclusion that it explores significantly in the different way with the varying depth.

3.4 Instrumentation

In carry forwarding the research, the researcher needs to follow the Google scholar and Proquest for their better source of instrumentation. As per George et al (2016, p. 1980), Google scholar gives the wide range of options for choosing the research articles, books and journals that are easily accessible. In Proquest this is the better site for the selection of the journals according to the time scale, peer review and place.

3.5. Secondary data collection

In secondary data collection researcher has to search and choose for the secondary data to sustain the collected data for the research. In this secondary collection, it is collected from the Google scholar and proudest as it has humus amount of data that get be collected. According to Hazen et al (2018, p. 210), this type of instrumentation helps in the various data ranges that are being selected. Institutional library has been used in the additional way for the collection of the secondary data.

3.6. Inclusion and exclusion criteria

In respect to this job it can be concluded that inclusion and various exclusion play a major and vital role in the required desired data practice that helps in the designing of the high level in the research protocol. However, Lolich and Lynch (2016, p. 17-30), in the research project, it can be concluded that essential criteria have to be maintained. In various other kind the researcher have to find the off track journals that are being denied. In the respect to secondary data the selection is done after 2015 and the focus is given on the recent journals.

3.7. Ethical considerations

At the time of the research, various ethical considerations are to be maintained such as data protection acts 1998 are being ensured. According to McConnell (2016, p. 667-684), indifferent to research participants, there are certain managing confidentiality that are used in the research. As per the act, no data collected is to be used in any unlawful manner without permission from the source.

3.8. Methodology limitation

In the research methodology, there are there are various and certain limitations that are being observed while accessing the data without buying the lack of authority. However, Serrao-Neumann et al (2015, p. 46-61), it can be created on the basis on the basis of lack of issues that are being researched in the limited budget or having the monetary problem.

3.9. Conclusion

In the above mentioned form of methodology, it can be summarised in the form of positive philosophy that helps in the explanatory design that are used in the deductive approach that are to be chosen. In the way it is helpful that in the researcher hypothesis while formulating and implementing the research. Secondary data collection is to be followed in instrumentation that is used in the Google scholar and Proquest. In the research to the ethical considerations it can be followed that are maintained. In this case the certain limitations are to be posed for the lacking of the monetary issues and insufficient accessing of important resources.

Chapter 4: Analysis of the Research Data

4.1 Introduction

Managing project in an organization can help to reduce the possibilities of risk in terms of project budget, resource management. Successful project can effectively achieve its goals with the association of efficient team members and leader who manage every task. On that note, an organization deals with large project such as new product development so that the large projects need proper planning to manage entire work within specified time. Project manager takes the responsibility to segregate each task on the basis of priority and necessity. In this way, project goals can be achieved in an effective way. This chapter highlights several aspects of project development through its life cycle.

Project development consists of various procedures in terms of risk identification, amazing every task, quality management. This chapter would describe the methods of recognizing risk with the help of knowledge management in an effective way. In order to organize entre work and reduce the possibility of arising risks, knowledge management is necessary to take important decisions and it helps to learn from previous mistakes in project management. Therefore, all the imperative factors and elements would reflect the context of reducing risk using knowledge management concept through this chapter as well as thematic analysis.

4.2 Data

This study has focused on knowledge management in terms of reducing risk during project development whereas new product development in an organization has been considered as a project. Based on collected data, researcher has tried to construct the concept of knowledge management, identifying possible risk during product life cycle, barriers in project management and benefits of knowledge managing to take important decisions (Alcaraz-Corona, Cant -Mata & Torres-Castillo 2019, p. 95). In this case, researcher has gathered data from several secondary resources such as peer reviewed journals, articles to obtain data regarding topic using the concept of thematic analysis.

This type of data analysis helps to find accurate data in qualitative research. It also figures out the examined data along with recording patterns within collected data set. In order to construct dataset, several themes have been designed on the basis of research questions as well as objectives so that research problems can be addressed in a proper way. Researcher can provide effective solution through these data analysis techniques in order to establish the concept of knowledge management and its importance in product development life cycle. Themes are associated with description of individual, phenomenon so that it can be linked with research questions specifically. This study highlights knowledge management concept and its utility during project development process.

An individual project has to follow few segments such as project initiation, planning, project execution along with project closure. All those steps have belonged to numerous tasks and those activities need knowledge management concept in order to understand the priority as well as necessity for achieving project goals in an effective way. In this study, each theme has been developed to provide information regarding benefits of knowledge management during project life cycle. Project development needs proper identification of targeted customer s expectation and markets current trends. Based on that particular information, product development initiation can be done through a detailed data analysis and investigation. An organization considers these factors in order to develop a new product through proper screening, devaluation, developing, testing along with business analysis (Bhardwaj & Rana 2016, p. 245).

On that note, researcher has chosen new product development as a project to describe entire project development life cycle. Thematic analysis is used qualitative data from secondary resources using cluster of procedures that have focused on identifying several patterned meaning with the help of huge dataset. The main purpose of thematic analysis is to recognize various patterns of meaning through huge dataset that can provide appropriate solution to entire research problems.

4.3 Findings

The identification of processes and methods through a detailed investigation from secondary resources are accumulated in order to demonstrate accurate information using properly collected dataset using thematic analysis (Chen et al. 2016, p. 245). For this, researcher has constructed few themes on the basis of research objectives so that research goals can be addressed with accurate information.

4.3.1 Project Difficulties during Product Development

Product development consists of entire methods of conceptualizing ideas, planning, designing, market analysis, product development, testing along with launching final protectors. In this case, marketing analysis is required and it is very crucial because product development is done the basis of customer expectation as well as current market demand. The major issue in product development is that manufacturing a product takes huge time in order to introduce in current competitive market. In the meantime, market trends and customer demand can be changed so that developed new products cannot fulfil the requirements.

The final product can face difficulties in terms of promoting. After developing each product, it needs maintenance because several organizations have launched new product including new as well as attractive features in rapidly changing market (Dandage et al. 2018, p. 159). Product developer needs to think beyond current market trends and developing product would be introduced on the basis of assumption for future demand. In order to establish the idea regarding difficulties identified during project development life cycle, a software designing and development has been considered so that researcher can easily demonstrate the issues found in product development in an effective way.

Figure 4.3.1: Software Project Failure

(Source: Statista.com, 2015)

Analysis

Software development is considered as a project to evaluate difficulties during project life cycle. Software can be modified or developed to provide benefits to the targeted audience so that specifics work can be done faster than previous work. For this, testing is required to understand problems which are evaluated on the basis of pre-decided requirements. Software has touched few versions for gathered customer s feedback before launching. Based on the experts as well as customer feedback, software developer has launched final version of particular software and provided maintained by incorporating few additional features (Emmons et al. 2018, p. 66). However; a product can face difficulties due to obtain less chance of testing of particular products. In this case, project goals cannot be achieved in an effective way.

Project leader has crucial responsibility to divide each team on the basis of task requirements and its priority. Based on that particular knowledge, project leader has divided every task after analyzing team member s capabilities, skills, knowledge on specific field. In this case, project leader needs to guide each team member and manage them properly so that they can easily overcome any difficulties (Eslami & Lakemond 2016, p. 889). Otherwise, project would be failure because of poor team management. Another aspect of project failure is to resource allocation because most of the respondents have described that a project can fulfil all requirements if resources utilization can be done properly presented in aforementioned graph. In order to initiate project, documentation in every project development stage is required in order to figure out any complication during project life cycle. However, team member could not understand process of product development and they cannot resolve problems by following risk register. Various project activities have not completed within specified times.

4.3.2 Identification of Risks In Terms Of Project Development

Project management consists of several project management activities that involve measuring, identifying, communicating, mitigating, controlling, documenting as well as managing the entire risks during project life cycles. The procedures of identifying risks are intuitive and project leader can manage using strategies along with methods.

Analysis

Figure 4.3.2.1: Percentage of Potential Risk in Project Development Life Cycle

(Source: Fatima, Ali & Ashraf 2015, p. 25)

Organizational project requires considering several aspects in terms of data security of those people who are associated with that particular project and project related information. Therefore, data safety procedure can secure entire data set recorded during project development so that stakeholders can get access to those data set using authentic security codes.

Table 4.3.2.1: List of Potential Risk Ranks

(Source: Irapuan Gl ria J nior & Marcirio 2017, p. 15)

In order to achieve project goals, risk management is required to manage entire tasks sop that project can be finished within specified time. Cost estimation is essential for every project because financial support can help to provide better outcomes as per targeted audience s outcomes.

Figure 4.3.2.2: List of Potential Risk in Project Development Life Cycle

(Source: Jain, Chandrasekaran & Castro 2015, p. 54)

Those aforementioned graphs are designed on the basis of identified risks during product development. In this case, risk are marked using numbers however; each risk has individual implications in project development life cycle. This study has emphasized on new product development and this project has several risks in terms of following marketing trends, customer expectation, budget estimation, time management, team management, etc.

Risk Identification	Potential Risk
Risk 1	Budget estimation
Risk 2	Resource Allocation
Risk 3	Team Management
Risk 4	Operational Risk
Risk 5	Time Management
Risk 6	Stakeholders
Risk 7	Legal Risk
Risk 8	Security Risk

Table 4.3.2.2: List of Potential Risk in Project Development Life Cycle

(Source: Javani & Pantaleo Mutajwaa 2016, p. 401)

Researcher has developed this list on the basis of observation through secondary analysis and listed down on the basis of their effectiveness in a project. On that note, successful project can be defined of that particular project has been completed within specified time using proper team management strategy. For this, project manager needs to modify project planning on the basis of current requirements and appointed efficient team members for accomplishing responsible works.

On the other hand, stakeholders demand and expectation during project can hamper the motivation of work and they include more specifications which can change entire produce designing process. Hence, purpose of product development can be lost due to excessive interference of stakeholders during project development life cycle (Katsikeas, Leonidou & Zeriti 2016, p. 665). As a consequence, proposed products are entirely changed after project completion so that it can hamper team motivation and project goals cannot be achieved.

4.3.3 Utilization of Knowledge Management in Product Development

Effective use of knowledge management in product development can improve the entire work and project objectives can be achieved in an effective way (Ahimbisibwe, Cavana & Daellenbach 2015, p. 19). In modern days, everything is based on emerging technology as well as software application tools which make entire work faster towards project completion (Kulkarni et al. 2017, p. 1279). Knowledge management is method of sharing, managing, using skills, information as well as knowledge of a company. It also helps to manage information regarding organization in an effective way so that proper utilization of information within an organization can deliver through a secure communication network to targeted people for employee motivation, project dataset.

Analysis

Figure 4.3.3.1: Utilization of Knowledge management during Project Development Life Cycle

(Source: Yamin & Sim. 2016, p. 485)

Knowledge management helps to identify potential risk during project life cycles so that project leader can recognize all those risks and address then on the basis of priority. In this case, new product development has been considered as a project so that new product has been developed factor analysis market trends as well as customer requirements (Mazdeh et al. 2016, p. 125). On that note, little organization tries to incorporate few additional features so that new developed product can compete with other exhausted products. In order to understand customer expectation, project developer needs to gather data from targeted customers so that product design can be easier in an effective way. Another aspect of knowledge management is to provide necessary details regarding project as well as product development. Hence, project developer accumulates that information to manufacture new product including all those features in order to attract more customers as well as brand image.

Figure 4.3.3.2: Project Development Life Cycle using Knowledge Management

(Source: Lee et al. 2017, p. 20)

Product quality is mandatory in product development because customers always prefer to have better quality of product at lowest price. Knowledge management helps to take decision in terms of managing critical situations. Product developer can collect necessary detailed information from several secondary sources such as journals, books, web published data. In this way, project developer can easily identify potential risks and determine to take necessary action on the basis of criteria (Merikoski, Savolainen & Ahonen, 2017, p. 875). The major issue is to estimate budget of developing a project so that project manager can easily determine the cost and expected outcome using knowledge management that can make easier to allocate possible resources.

4.3.4 Mitigation of Risk Using Knowledge Management during Project

Risk management is important process in project planning which helps to determine potential risks in project and its characteristics. Project developer has used several techniques to identify risks during project development life cycles and those methods are interviewing, expert judgement, Delphi techniques, Monte Carlo Evaluation, Decision Tree, historical records, cost as well a time estimation (Nagendra & Sharan 2017, p. 25). In this case, risk identification is the initial stage then risk evaluation is most critical steps to manage every risk on the basis of its priority. Later on, identified risks are monitored as well as reviewed in an effective process by adopting risk mitigation methods.

Analysis

Figure 4.3.4.1: Risk Identification during Project Development Life Cycle

(Source: Wu et al. 2017, p. 860)

A product development project may consist of several risks such as market, inflation, liquidity, concentration risk. An organization wants to manufacture product for capturing current market and that particular company can make few profits. In order to launch a new product, organizations need to obtain necessary details regarding market current trends. Based on that, product designing has been made (Stentoft Arlbj rn, Freytag & Thoms 2015, p. 25). Developed products can face risk if developer does not have knowledge of current market trends so that customers do not prefer to purchase that developed new product despite of its product quality. This can be a risk for an organization. On that note, product developer wants to develop better quality of products and the cost estimation is high so that stakeholders do not take any interest to invest in this project. Knowledge management helps to understand possibility of marketing as well as promoting that particulate new product.

Figure 4.3.4.2: Cost Estimation

(Source: Webb 2016, p. 35)

On the other hand, product goals can be achieved effectively if budget allocation can be done in a proper way. Resource allocation can make better to develop a new product and high quality of product can attract more customers. Budget estimation has to be done in initial stage in project development life cycle (Thom-Manuel, Ugwu & Onyejegbu 2017, p. 310). In many projects, stakeholders interfere between middle of the project so that product specification is changed and new additional features require to be incorporated. Therefore, cost estimation is changed and project developer has identified a huge difference between estimated costs along with final cost. This can consider as a huge risk for a project and this can be a reason for project failure. Most of the projects do not allow shareholders in between project and project developers have developed on the basis of initial product specification. Project team changes after final launching on the basis of further requirements.

Figure 4.3.4.3: Agile Techniques

(Source: Walters & Ece 2017, p. 33)

Agile technique is a process of software development and it is used for advanced software application tools development (Utarsih 2017, p. 371). As mentioned in above figure, possibility of potential risk is decreased in respect of project development life cycle for agile technique whereas possibility of potential risks is constant in respect of project development life cycle for waterfall model. The main reason behind it is that project developer has used knowledge management to recognize potential risks at initial stage of product development. Therefore, possibility of potential risks is reduced with the help of decision making along with gathered information, knowledge.

4.4 Discussion

This project is based on discovering different aspects of knowledge management in order to identify potential risks during project management life cycles. In this case, project developer needs to acquire knowledge from several secondary sources such as journals, books along with web published internet sources regarding risk factors in organizational projects and process of mitigating risks using knowledge management (Wahyudin & Santoso 2016, p. 101). Researcher has incorporated data in this study so that this study can provide necessary details of risk and difficulties in product development. On that note, stakeholder s influences can hamper a purpose of entire projects and it can be a reason of increasing project budget and project failure because project team member does not get motivated due to influences of stakeholders in between projects. In this case, a proposed product can be developed on the basis of initial requirements and final modification would be done after product launching in order to achieve project objectives.

4.5 Conclusion

Knowledge management is used to establish communication through a secure network between participants who are associated with project development life cycle within an organization. In this case, project developer has used several technologies to develop a product on the basis of following current market trends as well as targeted audience requirements. Most of projects are failure due to improper project planning, cost estimation and resource allocation. This chapter has covered all aspects of product development life cycle and effectiveness of knowledge management during product development. In this case, project manager has gathered information and knowledge from several secondary resources on the basis of product development and risk identification. Therefore, potential risk can be indebted and necessary solutions can help to overcome all those identified risks.

On the other hand, solutions have derived from knowledge management tools and techniques because project developer has adopted risk mitigation technologies from historical records. In many projects, stakeholders influence to change features of proposed between projects so that this is one of the main reasons of project risk as well as project failure. Team management and time management are other reasons for project failure because a project can be successful if all requirements are fulfilled within specified times and estimated cost. In order to attract more customers, project manager needs to gather information regarding current market trends and customer expectation. Knowledge manager helps to take decision for giving responsibility to each team member on the basis of individual skills, knowledge, talent so that project goals can be achieved in an effective way.

Chapter 5: Conclusion and recommendations

5.1 Introduction

Knowledge management is a business plan or strategy which is implied in the hope to develop the organizational benefits and reducing benefits. A strategy always helps to achieve the plans or a goal which is made by the company. The knowledge management authorization of a company deals with the overall company's directions, imply major goals of the company, provide needed plans, and sometimes develop new policies. In today's world, the major impacting business scale is none other than tourism and hospitality 3 percentage of any country s economic need is fulfilled by this business section. In addition, to manage the huge business performances the company applies a strategy which helps the company to achieve their goal faster. The knowledge management is totally dependent on consumer relation; these strategies help the companies to maintain this relationship and reducing risks in the projects.

5.2 Motivation and significance of the thesis

Knowledge management in project delivery platforms has become a key consideration for scholarly as well in the business practices. As project environments are changing to a more complex and diversifying approach, mitigation of risk is becoming more paramount for the organizations. Firm strategies are now delving towards an approach where management is more concerned with eliminating the risks of project failure rather than reducing them. In this aspect, the concerned topic has become of paramount importance to identify the ways through which knowledge management can reduce risk or trying to eliminate them. Use of knowledge based tools to support the firms is imminent so that it can balance the benefits and risks properly. Application of models like the fuzzy model or the HRBS framework will be suitable for categorizing risks and this will, in turn lead towards the development of a better framework or structure for assessing risks. The AHP model, in addition to the fuzzy model will aid in determining levels of risks based on their priorities, costs required to handle risks and so on.

5.3 Findings and discussion of the research questions

Knowledge Management distinguishes potential hazard amid task life cycles with the goal that venture chief can perceive each one of those dangers and address then based on need. For this situation, new item advancement has been considered as an undertaking with the goal that new item has been created factor examination showcase inclines just as client prerequisites (Mazdeh et al. 2016, p. 125). On that note, little association attempts to consolidate couple of extra highlights so new created item can contend with other depleted items. So as to comprehend client desire, project engineer needs to assemble information from focused clients with the goal that item configuration can be simpler in a compelling manner. Another part of information the board is to give essential insights about venture just as item improvement. Henceforth, project engineer aggregates that data to make new item incorporating each one of those highlights so as to draw in more clients just as brand picture.

Knowledge management is utilized to build up correspondence through a protected system between members who are related with venture improvement life cycle inside an association. For this situation, venture engineer has utilized a few innovations to build up an item based on following current market inclines just as focused group of onlookers prerequisites. The vast majority of tasks are disappointment because of ill-advised venture arranging, cost estimation and asset designation. This section has secured all parts of item improvement life cycle and adequacy of information the board amid item advancement. For this situation, venture chief has assembled data and information from a few optional assets based on item advancement and hazard recognizable proof. Hence, potential hazard can be obliged and fundamental arrangements can defeat every one of those recognized dangers.

Compelling utilization of knowledge management in item advancement can improve the whole work and venture targets can be accomplished in a viable manner (Ahimbisibwe, Cavana and Daellenbach 2015, p. 19). In present day days, everything depends on rising innovation just as programming application devices which make whole work quicker towards undertaking fulfillment (Kulkarni et al. 2017, p. 1279). Learning the executives is strategy for sharing, overseeing, utilizing abilities, data just as information of an organization. It likewise oversees data in regards to association in a viable manner so appropriate use of data inside an association can convey through a protected correspondence system to focused individuals for worker inspiration, venture dataset.

5.4 The contributions of the study

Knowledge management strategies which are implied by the company are regarding reducing and eliminating the threats in multiverse project environment. Business strategies are taken In order to value all the services which are being provided to consumers. This strategy is mainly concerned with the company's position in the market, relation with the competitors. The consumers are the basic level of any business level strategy which is being implied by any any industry in company. This process monitors all the strategies that have been implied in the company and then evaluate all of them in a way that provides the company more work in the market. This also controls all the objectives of the company and provides plans or actions to achieve all the goals. Knowledge management also focuses on the individual performances of the business entity. Globalization is a process in which the companies are interacted and integrated with people and government from different countries. In existing business platforms, globalization made an important change in terms of profit rising and expanding the business. Leadership is a key factor for any company. A good leader runs the company. In addition, leadership in knowledge management needs to be more patients to run the whole employee section and motivates them to provide a good service to the consumers in the big competitive market. In any business especially in the service industry, maintaining a balance to the constant change is necessary in order to achieve a sustainable position in the market. This sustainability also helps to maintain a company consumer relationship. The concluding statement of the study suggests that the importance of knowledge management in project environment lies in giving a robust strategic choice to manage in a peripheral environment. As to provide a good service to the consumers or maintaining the relationship with the consumer is need strategy or plans, and this theory of strategy management helps to achieve stability in the market area.

5.5 Future research and limitations of the study

The areas of knowledge management and project environment dealings are severe as well there are requirements for further insight in the subject. A focus on primary research approach could have been better and we could interact with the relationship between different variables. Similarly, focus on a particular industry would be helpful to gather about evidence on a specific platform, which might narrow down the findings. For future direction, a primary research approach would be subtle as well I suggest a specific industrial sector will be helpful to achieve more potential results.

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Appendices

Appendix 1: Conceptual Framework of PSS evaluation by Fuzzy Model

(Source: Chen et al. 2015, pp.1123-1141)

Appendix 2: Literature Review Matrix

Article	Author	Year	Major Findings
This article has provided adequate process of risk management and has evaluated strategies, which are necessary to eliminate risks in a new project. For instance, process of risk knowledge.	Cagliano, Grimaldi & Rafele	2015	Techniques of risk management are gained in a form of theoretical framework to analyze concept of risk breakdown structure.
This article has found out benefits of total quality management, which is beneficial to reduce risks and attain success while undertaking a project.	Dudek-Burlikowska	2015	Importance and benefits of total quality management concept is known in managing risks of new project
Importance of JIT and integrating it in constructing project is analyzed in this article.	Asri et al.	2016	Integration of JIT concept in construction projects
Benefit of inventory management is outlined in this article, which is necessary to reduce risks like waste elimination in new project.	Oluwaseyi, Onifade & Odeyinka	2017	Concept of inventory management with value of logistics supply chain
Fuzziness and randomness are evaluated to maintain cost effective products and services in a new project.	Chen et al. pp.1123-1141	2015	Fuzzy model in presence of stochastic work environment
Fuzzy model is analyzed along with benefits and characteristics in assessing new project	Niknejad & Petrovic	2016	Concept of fuzzy model with input output operational findings.
Project capabilities and essentials are known and strategies are find out to develop new project	Winch & Leiringer	2016	Concept of project development is known
Knowledge of AHP model is known along with its application in new project	Darko et al.	2018	Model of AHP
Role and benefits of knowledge management systems is addressed concerning development of new project	Todorović et al.	2015	Approach of knowledge systems of management
Role of quality management is known from this article. Benefits of it are also gained in perspective of dynamic capability.	Gutierrez-Gutierrez, Barrales-Molina & Kaynak	2018	Quality management approach in practicing new development of project

(Source: Created by author)

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