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It is sensible to do a risk assessment (FMEA) when the most promising principle is clear. FMEA is an abbreviation of Failure Mode and Effect Analysis, it looks at potential bottlenecks in the process. The FMEA looks at how probable it is that the failure would occur, the impact of this failure and if it can be detected on forehand. A risk plot is a simplified graphical FMEA, this can be useful for presentations. Only the detect-ability is not taken into account in this plot. Also make a Maturity Grid of each process step. This gives a quick overview on the progress on each process step.
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From idea to product 
