HC8-creating new products and services (2) Flashcards
1
Q
four main types of team structure for new product development:
A
- functional structure: traditional hierarchical structure communication by function managers according to standard and codified procedures
- lightweight product manager structure: traditional hierarchical structure, project manager provides an overarching coordinating structure
- lightweight product manager structure: led by product manager with influence over personnel and strategic directions of the areas critical to the project.
- Project execution teams: full-time project team where functional staff leace their areas work on the project, under the project leader direction
2
Q
Every stage in the stage-gate model consists of:
A
- deliverables: results of completed activities brought to decision point.
- criteria to knock-out and prioritize
- Outputs: decision with plan for next stage
3
Q
four discriminative phases of implementation:
A
- Concept generation – identifying the opportunities for new products and services.
- Project assessment and selection – screening and choosing projects which satisfy certain criteria.
- Product or service development – translating the selected concepts into a physical product or a new service.
- Product or service commercialization – testing, launching and marketing the new product or service.
4
Q
scrum
A
stretch goals, rapid cycles of prototyping require self-managed and cross-functional teams
5
Q
lean start-up
A
- Build-measure-learn: design a hypothesis to test an idea and then adjust the project on the basis of that feedback.
- Minimum viable product: the minimum configuration of the new venture idea that can be used to run a build-measure-learn cycle.
- Validated learning: work with data that provide useful information and help learning about the venture
- Innovation accounting: using data to ensure resources are being well spent
- Pivoting: testing ideas out on customers and adapting them according to feedback from several learning cycles
- Single unit flow: working in small batches and completing the tasks on those rather than working in high volume
- Line stop/Andon cord: stop production when an error occurs and continue once they are fixed
- Continuous improvement: keep reviewing and improving the core product and the process delivering it
- Kanban: put improvement projects around the core product idea into ‘buckets’, which are processed and progressed in a systematic fashion
- Five whys: diagnostic tool that helps to find the root causes of problems and directs action
towards solving those problems rather than treating symptom
6
Q
factors influencing product success or failure
A
-Product advantage
- Market knowledge
- Clear product definition
- Risk assessment
- Project organization
- Project resources
- Proficiency of execution
- Top management support
7
Q
Challenges in open innovation boil down to four issues
A
- Conditions and context, e.g. environmental uncertainty and project complexity
- Control and ownership of resources
- If you do not have ownership of resources you are forced to ask others to provide them
- Coordination of knowledge flows
- Creation and capture of value