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Risk management (RM) is a rapidly developing field in France. Several associations are trying to promote an approach of ERM that is far removed from insurance and compliance. In practice, we note that the RM in French companies is still very strongly rooted in internal control. Risk managers in France do not have yet the “risk champion” role of the chief risk officer.

This paper aims to understand and document evaluation criteria used in the new product development (NPD) process of small- and medium-sized enterprises (SMEs) to support the management and control of their NPD projects.

This study combines exploratory and explanatory methodology (case studies) involving five Canadian small and medium enterprises (SMEs) that are successful in NPD. The authors conducted semi-structured interviews with nine selected managers and project managers to explore the process and evaluation criteria used to manage and control NPD projects.

The results highlight that cost, time and quality are key evaluation criteria used by SMEs to make decisions relative to the NPD project's success. Profitability, return on investment, expected sales and customer satisfaction are additional criteria used to evaluate NPD project's success. It has been also found that the SMEs did not consider sustainability issues in the criteria used as their focus are on the needs of stakeholders, mainly customers.

Limitations: The evaluation criteria are extracted from a limited number of SMEs that have successfully carried out NPD projects and may therefore be influenced by some contextual factors. The results cannot be generalized to all SMEs or to all projects, as their characteristics may differ. Implications: This study offers a novel outlook on NPD process in SMEs, by documenting criteria related to constraints in project management. The integration of theory of constraints contributes to increasing theoretical knowledge about the management and control of NPD projects in SMEs. It provides insight into how project managers (and other decision makers) can increase the chances of project success by managing project constraints and criteria.

The evaluation criteria identified in this study can therefore be of use to SMEs managers and project leaders seeking to improve the management and control of their NPD projects. These criteria can help them better manage their limited resources and skills and allocate them to the most promising projects. They can also help them conduct their NPD process more efficiently to achieve the intended objectives, including the desired project profitability targets.

This paper offers new insight and practical implications about evaluation criteria within the stages and activities of the NPD process that needed to be considered by SMEs' managers involved in NPD projects.