Guessing is not a strategy: How to build decision velocity with AI and real-time data
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Informed Uncertainty
On new development projects, uncertainty harbors opportunity. The challenge in evaluating each opportunity’s potential value is to replace vague assumptions with informed, quantifiable probabilities. Project portfolio management tools and techniques can help.
As part of an ongoing series of conversations about trends in project and portfolio management, Projects@Work interviews Robin Karol, CEO of the Product Development and Management Association, based in Mount Laurel, N.J. The organization, which is composed of product developers and business thought leaders, was formed 30 years ago and currently has 2,900 members located all over the world. Karol spoke recently to contributing editor Karen Klein about how project portfolio management can help keep new product development projects on track.
What is the purpose of the Product Development and Management Association?
It was formed because a group of people in academia felt that product development didn’t have to be a mystery; that it could be codified as a process and some best practices could be identified. We’ve got a unique mixture of members between academics, practitioners in large and small companies, entrepreneurs and consultants.
You recently lectured on how evaluation mistakes can derail promising projects. What are some of those mistakes?
I break the mistakes …
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