Product development (PD) projects which, if not managed adequately, can have a negative impact on the business. Typical risks related to the product development process (PDP) are: inappropriate definition of the design problem, changes in customer needs, delays in the delivery of results and costs being higher than envisioned. Some of these risks are related to product design, others to project management. In this context, this article presents a methodology for the integrated management of technical and managerial risks, with the focus on the identification, analysis and treatment of the product design risks. Risk identification makes it possible to establish and to characterize the technical and managerial risks. The integrated analysis of these risks allows the project team to identify and analyze the influence of the technical risks on the managerial risks of scope, time, costs and quality. Finally, the risk treatment aims to aid the project team in the definition of specific actions to deal with the risks identified and analyzed. In this way, it is possible to better understand the context in which the project is inserted in terms of risks and manage them in a pro-active way.