"Proactive Risk Management" is by far the clearest and most direct treatment I've found for managing risk within New Product Development projects. Preston Smith has done an excellent job of taking a complex topic (one which has recently become much more important in an unforgiving economic environment), distilling it down to a simple but elegantly powerful risk model, and embedding that model within a proven continuous risk management process.
I'm always delighted to read Smith's articles in the product development journals (e.g. PDMA JPIM, Research-Technology Management). He's hit the nail on the head with this book - his earlier treatments on risk pointed out the need for NPD risk management, but lacked the detail needed to tackle risk in a way that could be immediately implemented. He's now closed that gap, and NPD professionals will find immediate gain from his work.
The book is very well written and organized. The running example, as well as the more detailed case studies, provide the implementation examples that easily moves one from theory to practice. The examples of spreadsheets and risk maps are a snap to replicate, and they work. The graphics and charts are clear and to the point. Smith's direct in-the-trenches experience clearly shows - this is not a theoretical/academic treatment, but instead is an insightful distillation of a great deal of thought and trial reduced to concise practice. As the earlier reviewer points out, there's very little not to like here!
One of the biggest points of this book is that risk does not reside only within the technical realm, but must be managed across functions (marketing, manufacturing, support, etc...) and over the complete span of the development and delivery effort. This holistic view provides the framework to true product success.
(The reviewer is currently corporate NPD manager at a major semiconductor firm, previously managed Technology Strategy at a Fortune 100 company, and is PDMA NPDP certified.)