Product Development – Determining the Best Possible Approach

There are many ways to develop a product.

The best possible approach is aligned with the client’s business situation.  It embodies the most favorable balance of cost, time and scope.

Industry best practices for product development are centered on a phased, iterative model as shown below. The phase exits provide opportunities for stakeholders to review progress and reaffirm the product development investment decision. The iterative nature of each phase allows incremental refinement and improvement of designs.

The early Product Definition’s Learn-Build-Test cycles lead to the Product Engineering Design-Built-Verify cycles and eventually to Product Manufacturing’s Build-Measure-Improve cycles. See Phased Iterative Product Development for more information about this model.

Iterative Phased Product Development Model

Within this standard model, there are numerous opportunities for trade-offs that impact cost, time and scope. Typically, the number of iterations per phase increases proportionally to the product’s engineering design complexity, quality requirements, and manufacturing volumes. It’s all about project risk management.

How do you make good project approach trade-off decisions when there is so much at stake? Andrews-Cooper has pioneered an approach that characterizes the major cost and schedule drives, and evaluates alternatives with respect to prioritized project success criteria.

Sound interesting?

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