Latest Posts
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Keeping the Team Small
Read more: Keeping the Team SmallIn a recent post, we discussed who is on a new product development (NPD) team. For example, a working NPD team must include representatives of project management, marketing, engineering, and finance. Collectively, these functions can lay out the new product project for design, development, and commercialization. Of course, a working team cannot know the answers…
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Managing Time and Hybrid Project Schedules
Read more: Managing Time and Hybrid Project SchedulesI believe that time is our most precious resource. Once it is spent, it cannot ever be recovered or replaced. minute of laziness and sloth-like behavior may cost 10 minutes of productivity, so time even has a multiplier effect. Wasted time costs not only production but impacts those around us as well. Project Management Schedules…
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Risk and Uncertainty in Product Development
Read more: Risk and Uncertainty in Product DevelopmentRisk is kind of a negative word. We usually associate risk with bad things happening. We feel relieved if we have taken a risk and everything turns out okay. Companies hire specialists in risk management to minimize physical hazards and financial exposures. The Project Management Institute (PMI) talks about risk more as an uncertainty. There…
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Team Culture and Hybrid Product Development Processes
Read more: Team Culture and Hybrid Product Development ProcessesCulture is one of those words that we all know what it means, yet we struggle to identify and name it. Team and organizational cultures are best characterized from those within the group. They might describe the culture as open and risk-tolerant or as hierarchical and lacking trust. New product development is a systematic approach…
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Five Elements of Product Development Strategy
Read more: Five Elements of Product Development StrategyNew product development is typically a complex, but routine, endeavor for most mature companies. Product development and product management begin with the innovation strategy. In turn, the innovation strategy links to the corporate strategy via growth goals. For instance, one company might seek to grow its retail outlets over wholesale for a specialty product. Meanwhile,…
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Who is the Product Development Team?
Read more: Who is the Product Development Team?In any business endeavor, success depends on the right process as well as the right people. In new product development (NPD), we follow processes (like WAGILE) to minimize investment risk and maximize value delivery (to both customer and company). NPD projects are executed by cross-functional, multi-disciplinary teams. NPD teams are the sum of a core…
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Rules for Collaborative, Creative Teams
Read more: Rules for Collaborative, Creative TeamsI am not a big fan of rules. I suppose it’s because my mother had a lot of rules while I was growing up. Some of them, in retrospect, were to help keep the house clean and running efficiently. But some of her rules made no sense at all – even when I view them…
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Simplified Market Research Tools
Read more: Simplified Market Research ToolsNew product development (NPD) is the art and science of converting nascent ideas into commercial products and services that deliver value to the consumer as well as the producer. We seek new technologies, new markets, and new applications through product development. In particular, we must ensure alignment between product benefits and features. Typically, we identify…
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Why Product Development is Like a Bank Loan
Read more: Why Product Development is Like a Bank LoanLoans among friends can quickly impact their friendship in a negative way. I have learned that loaning a book to a friend really means giving them the book. Not intentionally, people lose or damage the items they have borrowed so they cannot return them. (Or are embarrassed to admit it.) My dad was a CPA,…