Managing Risks in New Product Development Projects in the Food And Beverage Manufacturing Industry in Ghana

Abstract

New product development projects in the food and beverage sector have a host of risks that should be managed to ensure project success. This study’s purpose was to determine the risk management practices within the food and beverage manufacturing industry in Ghana during new product development and how the risk management practices influence the success of new product development projects. This study adopted both qualitative and quantitative research approaches. This was because two of the study’s objectives required the collection of qualitative data, while one other objective also required quantitative data to collectively answer the research questions. The study’s data were analysed using both qualitative and quantitative data analysis tools. NVivo was used to analyse the qualitative data while Statistical Package for Social Sciences (SPSS version 26) was used to analyse the quantitative data. The study revealed that political, environmental/climatic, regulatory, market, technological/technical, operational, competitive, supply chain, financial, performance, and credit risks as some of the main risks associated with new product development initiatives in Ghana’s food and beverage industry. This study also revealed that risk management practices positively and significantly influence the success of Ghana’s new product development projects at various stages of the new product development process. Managers can, therefore, use these insights to bolster the success of their new product development projects by improving their risk identification and analysis strategies; tailoring risk management practices across product development phases; and aligning their risk management practices with international standards like ISO 31000.