Designing and selecting the optimal design in terms of risks in new product development

New Product Development (NPD) is one of the key factors for achieving competitive advantage and maintaining firm growth. Therefore, given the importance of this type of projects, this paper is an endeavor to make these projects more successful by effectively managing their risks in the conceptual design phase of new product development. For this purpose, a multi-objective model, with three objective functions, including risk, overall effectiveness of the design and cost, has been developed in this study. Among the innovations and features of this model, one can refer to its considering the mutual effect of risks to the outcomes of one another, as well as its taking into consideration the risks associated with the continuous design variables in calculating the risk measure of product design, which will ultimately lead to an increase in the accuracy of risk measure calculation for each product design.