The purpose of this paper is to study the management of product development considering expected risk factors during product development period. This study presents a conceptional framework that can be used to conduct risk management during product development period. Risk management is not a one-time task. Team should reevaluate the risk plan from time to time throughout the product development period. Four major steps to managing risk factors during product development period are proposed in this paper. Based on the failure odes effects and criticality analysis (FMECA) methodology, this study redeveloped a risk mode and action plan (RMAP) for managing risk factors in a systematic way.