Influence of New Product Development

In today's progressive marketplace, every moment counts. Companies developing new products, whether new bridge construction or a wireless mobile device, usually do so concurrently with existing product developments, often competing for similar resources and delivery dates. These projects must be developed in a synchronized approach with some differentiator toward the development of new stellar products. Hence, a competitive project methodology is needed that can show value and reflect the corporate strategy goals and objectives. The project team, armed with the right tools, techniques, and methodology, can keep the client involved and improve the bottom line. The methodology can be adjusted to fit the solution. The Standish Group's landmark 2000 report, "Chaos in the New Millennium," reports that outright project failures declined from 40 percent to 23 percent during the past five years but challenged projects swelled from 33 percent to 49 percent in the same period. Reasons listed included cost overruns and projects with lower functionality than promised. The correct choice of methodology plays an important part in elevating the rate of failures (see Figure 4.2).

Figure 4.2: New product development process.
Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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