Pro Tips for New Product Development Projects

Do the project right or do the right project – which would you choose?

If you improve time to market, the only thing that improves is time to market.  How do you feel about that?

Customers pay for things that make their lives easier.  Time to market doesn’t do that.

There’s no partial credit with new product development projects.  If the product isn’t 100% ready for sale, it’s 0% ready.

If you made 1/8th progress on 8 projects, you made zero progress. But you did consume valuable resources.

If you made 100% progress on one project, you made progress.

When you have too many projects, you get too few done.

If you don’t know how many projects your company has, you have too many.

Would you rather choose the right project and run it inefficiently or choose the wrong project and run it efficiently?

When you choose the wrong project but run it efficiently, that’s called efficient ineffectiveness.

You can save several weeks making sure you choose the right project by starting the project too soon and running the wrong one for two years.

If your projects are slow, it’s likely the support functions are too highly utilized.  Add capacity to keep their peak utilization below 85%.

When shared resources are sized appropriately, they’re underutilized most of the time.  Think fire station and firefighters – when there’s a fire they respond quickly, and when there’s no fire they improve their skills so they can fight the next one better than the last.

If your projects are slow, check to see if you have resources on the critical path that work part-time.  Part-time resources support multiple projects and don’t work full-time on your project.  And you can’t control when they work on your project.  There’s no place for that on the critical path.

If you’re thinking about using part-time resources on the critical path, don’t.

Know where the novelty is and work that first.  And before you can work on the novelty you’ve got to know where it is.

You can have too little novelty, meaning the new product is so much like the old one there’s no need to launch it.  Mostly, though, projects have too much novelty.

If you are working on a clean-sheet design, there is no such thing.  There are no green-field projects.  All projects are brown-field projects. It’s just that some are browner than others.

Novelty generates problems and problems take three times longer to solve than anyone thinks.  To reduce the number of problems, declare as many as possible as annoyances.  Unlike problems, annoyances don’t have to be solved by the project.  Remember, it’s okay to save some work for the next project.

Even though you have a product development process, that process is powered by people.  People make it work and people make it not work.  If you get one thing right, get the people part right.

Image credit – claudia gabriela marques

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Mike Shipulski Mike Shipulski
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