Strategic Planning and Identifying Risk Factors for a New Product
You are an R&D project manager, and you have been asked to generate a new product idea and the project plan for its development. The new product is to be based on an innovative use of a mature technology. Identify the new product, and create a strategic plan for its development. For each stage in your development plan, discuss the potential risk factors and your plan for managing them.
Solution Preview
The innovative use of mature technology will be the production of a full hybrid electric mid-size car which will have a fuel economy of 80.6 miles per US gallon..
Initial Stage:
Idea Generation:
The strategy for idea generation will be that intensive research will be undertaken on the car engine and battery. The purpose of intensive research will be to improve fuel economy to such an extent that the fuel economy of 80 miles per US gallon is reached. It is expected that idea generation after proper research will take six months time.
The potential risk factor is that the researchers may not be able to able to develop a car that will go 80 miles per US gallon. I have planned that if this situation arises then, additional time and resources will be provided to the researchers to develop the new car. The launch of the car will be delayed.
Need Based Generation:
There ...
Solution Summary
The solution gives 595 words and 5 references to address this question of explaining each of the three stages in new product design and identifying the risk factors. Concepts of marketing, design, production and idea generation are covered within.
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... It focuses on identifying and understanding the present and potential opportunities and ... This strategic element requires careful planning in both ...
... keys to success for effective project planning. ... a Project Management Office Identifying and involving ... a retrospective at three strategic milestones we ...
