New product development professionals (NPDP) and project managers need to be familiar with a number of financial tools. Financial evaluations are used to select active new product development (NPD) projects in portfolio management and are used throughout the lifetime of a project to ensure that the project is delivering its
Engineering Management
Cooking Up Innovation
Innovation Learning Process I used to be an absolutely terrible cook! I almost never cooked and when I did, even the toast would burn. Over the years, however, my cooking has improved despite the fact that no one will ever brag about my cooking. Learning to cook involved several steps,
Matrix Organizational Structure
Business today is complex. Companies must grow profits and constantly innovate to outpace aggressive competitors. Work is more challenging from a technological perspective, yet workers are being asked to do more with less. One of the most important decisions a business can make is how it will structure work teams
Project-Oriented Organizational Structure
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
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
Your Strategic Innovation Partner
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