Integration of Project Management and New Product Development
New product introduction is an organization’s future. It requires a significant investment of time and resources. Over a period of time, organizations have put together a robust new product introduction process tailored to their products. However, for a successful introduction of new products, the process has to be integrated with project management practices and methodologies. This article unfolds potential areas of integration.
A new product development (NPD) process is a complex set of activities with a high degree of cross-functional collaboration. In many industries, NPD is a strategic initiative for organizations. Small and medium manufacturing organizations work on a number of product improvements and incremental product development projects within the same research and development framework (Jetter et al., 2016). There are quite a few NPD processes available as guidelines, such as stage gate, ExPD model (exploratory product development), BAH model (Booz Allen Hamilton), etc. These models act as checklists, to make sure all necessary tasks are executed before promoting the project from one stage to the next. Adapting project management practices provides a logical, strategic, and sequential approach in executing these tasks (Jetter et al., 2016).
Companies that have managed to integrate this development process with project management
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