This research paper aims to develop a practical method to highlight certain key risk factors involved in the product development process. A new definition of the term “launch risk” is introduced in this work. The term is defined as the uncertainty about and severity of the consequences of failed launch. The launch could be the further development of existing products or the introduction of new products/services or processes. A risk management framework for launching is provided as well as a weighted average scoring model for launching (WASL) as an intrinsic part of the suggested framework. WASL is used to identify, evaluate and communicate the critical risk factors involved with the launching processes. WASL allows us to weight the most important risk factors more heavily than others when determining the average score for a launching issue, reflecting a numeric value (score) in terms of the level of risk involved. Specific scoring guidelines are provided for the practical use of WASL. Using a hypothetical launching idea, this study demonstrates how applying the suggested risk management framework can increase the ability of a firm to make better strategic decisions in relation to the launch of the new product or the modification of an existing product as a part of its overall portfolio.