A product enhancement is a form of a derivative product. Product enhancements will add features that were not previously available on earlier products or as a part of the base… Read More
NPD Glossary
Forecast
A forecast is used in new product development as a prediction, over some defined time, of the success or failure of implementing a business plan’s decisions derived from an existing strategy…. Read More
Derivative Product
A derivative product is a new product based upon changes to an existing product. The changes may be simple in that the product features are adjusted, refined, or improved without… Read More
Services
Services in new product development are offered with a product or as a stand-alone innovation. Services differ in degree from products or manufactured goods along several dimensions. First, services are… Read More
Program Return Map
The Program Return Map graphically displays the break-even point, break-even time, and pay-off period for a given project. Program Return Maps show the accumulated cost, revenue, and profits in monetary… Read More
Liquidity
Liquidity is defined as how quickly an asset can be turned into cash. The term can also refer to a business enterprise in which the organization holds enough cash reserves… Read More
Beta Test
A beta test is an external test of pre-production products. The purpose is to test the product for all functions in a breadth of field situations to find those system… Read More
Network Diagram
A network diagram is a schematic diagram that displays the logical relationships and sequencing between project management tasks. Learn more about using network diagrams to improve project scheduling in “Innovation… Read More
Multitasking
Multitasking involves engaging in two (or more) tasks simultaneously. Learn more about effective time management in “Innovation Tools: Time Management for Efficient New Product Development.” For more terms and definitions,… Read More
Critical Chain Project Management
Critical Chain Project Management (CCPM) is a method of scheduling that utilizes the Theory of Constraints popularized by Eli Goldratt. In CCPM, scheduling takes into account limited (critical) resources when… Read More
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