R&D and Innovation is a high risk, time consuming, high resource consuming and multi-iterative process. A promising new product or a service can fail at any stage during the innovation process – at concept level, at prototype level, at initial controlled launch level or at the general public launch level. The earlier that one can do the last experiment that help to make the final decisive decision of “go or no-go” will save tons of dollars, countless hours of unproductive effort and mindless hopes. The question of “Can you do the last experiment first?” is on top of every innovators mind. So the mantra in the innovation cycle is to fail quick, fail early and fail cheap.
In the project management too, managers can leverage this philosophy of “fail quick; fail early; fail cheap” approach. It is preferred and advisable to uncover the risks, issues, constraints, roadblocks, dependencies, feasibility in the early stage of the project – rather than at the later stage. A risk identified at planning stage will have low impact on the project parameters rather than identifying the risks during execution or at the implementation stage.