Managing the New Product Development Process
24 important questions on Managing the New Product Development Process
What are the three key objectives of the new product development process?
- minimising cycle time
- controlling development costs
What are three reasons why many new product development projects fail to achieve?
- Over-estimate the customer's willingness to pay for particular features
- Difficulty resolving heterogeneity in customer demands
What are two cost related consideration regarding development time?
- A company that is slow to market with a particular generation of technology is unlikely to be able to fully amortise the fixed costs of development before the generation becomes obsolete
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What are 4 important advantages for a company to have a short development cycle?
- Time is related to costs
- Customers already committed to other products
- Early developments of other firms
What is partly parallel development process?
What is the purpose of a project champion?
What is the biggest risk of using a champion for a project?
What is a method to counteract the optimism of the champion?
What is a method which is commonly used to have customer input early in the development process?
What is a lead user?
What is a stage-gate process?
What are the 5 stages of the stage-gate process?
2. Builds a business case that includes a defined product, its business justification, and a detailed plan of action for the next stages
3. Begin with actual design and development of the product
4. Conducts the verification and validation process for the proposed new product
5. The product is ready for launch
Each gate consists of what three components?
- Criteria
- Outputs
What is meant with the component, outputs (stage-gate process)?
What is a major advantage of the stage-gate process?
What is the purpose of the Quality function deployment (QFD) - the house of quality?
What is meant with the design for manufacturing method (DFM)?
What are 5 common design rules using the design for manufacturing method (DFM)?
- minimise the number of part numbers
- eliminate adjustments
- eliminate fasteners
- eliminate jigs and fixtures
What is the main advantage of the design for manufacturing method (DFM)?
What is Failure modes and effects analysis (FMEA) for a method?
What are the three criteria of the risk at the FMEA?
- Likelihood of occurrence
- Inability of controls to detect it
With what can measurements of the success of the new product development process help the management?
- Identify which projects met their goals and why.
- Benchmark the organization’s performance compared to that of competitors or to the organization’s own prior performance.
- Improve resource allocation and employee compensation.
- Refine future innovation strategies.
What are the 4 questions need to be asked to measure the company's current performance for new product development process?
- What was the average cycle time (time to market) for development projects? How did this cycle time vary for projects characterized as breakthrough, platform, or derivative?
- What percentage of development projects undertaken within the past 5 years met all or most of the deadlines set for the project?
- What percentage of development projects undertaken within the past 5 years stayed within budget?
- What percentage of development projects undertaken within the past 5 years resulted in a completed product?
What are the 4 measures to asses a companies overall performance at innovation?
2. What percentage of projects achieve their sales goals?
3. What percentage of revenues are generated by products developed within the past five years?
4. What is the firm’s ratio of successful projects to its total project portfolio?
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