Management functions are often described in four categories: Planning, Organizing, Leading, and Controlling While planning involves a strategic vision for the firm, organizing describes how the company intends to allocate resources to achieve goals and objectives. Leading, or directing, includes activities to motivate team members to do the work
Engineering Management
Functional Organizational Structure
Project and product managers must motivate and inspire team members to accomplish the goals of a project. Yet, we still must work within the organizational structure and culture of the firm. Project teams are convened for new product development (NPD) work to increase innovation and to meet the strategic objectives
What is New Product Management?
Management is often described as a set of processes designed to plan, organize, and control performance of work. Product management, then, must be the set of processes that plan, design, and control product development. It sounds pretty simple, but product management encompasses a wide swath of activities also involving
Managing Engineering and Innovation Projects
Many of us have been thrust into supervisory positions because we are good at executing technical work. Yet, most college engineering programs spend a great deal of time on developing exceptional technical skills with little, if any, emphasis on management training. Organizations also tend to enroll young engineers, project managers,
Four Management Systems
Working in the field of new product development (NPD), we encounter all sorts of managers. To successfully complete an innovation project, we need to ensure effective engineering management, product management, and project management. Yet most of us don’t spend much time thinking about management skills. Instead, we mimic our
Strategy in the Financial Services Industry
Strategy is the key to success in any industry. In highly regulated industries, like the financial sector or petrochemical field, it sometimes feels difficult to innovate within such tight constraints. However, innovation comes from a focus on customers and value. Strategy defines the company’s approach to innovation. One categorization of strategy is the Miles and… Read More
Focus Strategy
Classic Innovation Strategy (Part 3 of 3) Innovation is defined as the art and science of introducing a novel technology, product, or application to the marketplace. Successful innovation relies upon a well-constructed innovation strategy that lays out the firm’s mission, vision, and values. Strategic planning may take
Differentiation Strategy
Classic Innovation Strategy (Part 2 of 3) Classic innovation strategy focuses on the markets, technologies, and product categories. In general, a strategy is designed to express the objectives and purpose of a business. It is often expressed through the mission statement of the firm. Over the years, a variety of
Cost Leadership Strategy
Classic Innovation Strategy (Part 1 of 3) Strategy is the overarching force behind successful innovation. It is crucial for a business to know what its purpose is before the organization can design products, services, or programs for sale. Each business has a unique purpose and reason for existing, a mission
Control Theory and NPD
I live in Houston, Texas. It gets pretty hot in the summer and air conditioning is a blessing. Of course, there is a trade-off between comfortable temperatures and the electric bill. My strategy is to set the thermostat a little higher than desired when the house is empty to save on the electric bill. When… Read More
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