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New Product Development Professional Studies > Tools & Metrics > Flashcards

Tools & Metrics Flashcards

1
Q

What is the key performance indicator of the 4 of a balanced scorecard?

A

Customer Satisfaction

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1
Q

Product Concept

A

understanding of the dynamics of the product to showcase its best qualities

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2
Q

Scenario

A

In computers, its a narrative describing foreseeable interactions of type of users (characters)

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3
Q

Osborne said groups could _______ their creative output with brainstorming

A

Double

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4
Q

Gorilla

A

British advertising compaign launched by Cadbury Schwepps in 2007

  • to pormote Cadbury Diary-Milk Choco

90 second tv, billboards, print, cinema

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5
Q

When was Brainstorming Method popularized?

A

1953 by Osborn from book Applied Imagination

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6
Q

Brainstorming

A

A group creativity techique designed to generate iseas for a solution to a problem

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7
Q

Scenarios include information about

A
  • goals
  • expectations
  • motivations
  • actions
  • reactions
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8
Q

Attribute

A

a piece of data (statistic) that describes what extent a finctional character in a role-playing game possesses

a specific, natural inborn characteristic common to all characters of the game

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9
Q

Attribute Characteristics

A
  • piece of data

- usually an abstract number or a set of dice

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10
Q

Other terms for Attribute

A
  • Statistic
  • (Primary) Characteristic
  • Ability
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11
Q

T or F

Scenarios are predicts or forecasts

A

F

Scenarios are neither predictions for forecasts,

but rather

attempts to reflect or portay the way a system is used in the context of daily activity

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12
Q

4 Levels of Warfare

A
  1. Political goals or grand strategy
  2. Strategy
  3. Operations
  4. Tactics
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13
Q

Sunk Costs

A

Retrospective (past) costs that have already been incurred and cannot be recovered

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14
Q

What are sunk costs sometimes contrasted with?

A
  • prospective costs
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15
Q

Prospective Costs

A

future costs that mayu be incurred or changes if action is taken

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16
Q

T or F

What are Retrospective and Prospective costs can either be fixed or variable?

A

True

Retrospective and prospective costs may be either fixed or variable

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17
Q

What do business need to include in Contingency Plans

A
  • Marketing to gain stakholder support and understanding
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18
Q

Contingency Plan

A

A plan devised for a specific situation when things could go wrong

“Be prepared for anything that could happen”

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19
Q

Pricing

A

The process of determining what a company will receive in exchange for its products

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20
Q

Pricing Factors include

A
  • manufacturing costs
  • marketplace
  • competitioin
  • market condition
  • quality of product
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21
Q

Microeconomic Pricing Theory

A

Pricing is a key variable in this model.

The way prices are set within a market for a given good. According to this model, prices are set based on the balance of supply and demand in the market. In general, profit incentives are said to resemble an “invisible hand” that guides competing participants to an equilibrium price.

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22
Q

Cannibalization - Original Use

A

Reuse of military parts

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23
Q

Cannibalization - Manufacturing

A

reuse of salvageable parts

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24
Q

Cannabilization - Marketing

A

loss of a product share to another product of the same company

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25
Q

P3M3

A

Programme & Project Mgmt Maturing Model
(KPAs)

Best practice reference guide

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26
Q

P3M3 Value

A

helps identify gaps in current processes, plots and priortizes a roadmap for improvement

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27
Q

The Certainty Equivalent

A

The guaranteed amount of $$ that an individual views as equally desirable as a risky asset

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28
Q

Risk Premium

A

the min willingness to accept compensation for the risk

Min amount of $$ to induce an individual to hold the risky asset rather than the risk free asset

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29
Q

Premium

A

Promotional items

  • toys
  • collectibles
  • suveniors
  • household products

linked to a product -
Box tops or proof of purchase

Consumer usually pays for shipping

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30
Q

Other names for Premium

A

Prize

But is usually packaged with the product or available at retailer during time of purchase

Requires no additional cost

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31
Q

Television

A

derived from Latin and Greek terms meaning “far sight”

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32
Q

Word of Mouth

A

Oral communication and passing of info from person to person

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33
Q

What is the oldest form of Word of Mouth?

A

Storytelling

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34
Q

What is Oral Tradition?

A

Culturual material and traditions transmitted by word of mouth from one generation to another

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35
Q

Market Share - According to Carlton O’Neal

A

The % of the total available market or market segment that is being served by a company

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36
Q

How is market share often expressed?

A

Co’s sales revenue (from that market)
- divided by the total sales revenue available in that market

Can also be expressed in unit sales volume divided by volume of unit sales in that market

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37
Q

Product benefits from Early Adopters

A

can provide early feedback to help refine the product’s future releases

as well as associated means of distribution, service and support

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38
Q

Diffusions of Innovations - Practical Application

A

Internal influence from was formualed by H. Earl Pemburton

Provided institutional diffusion for

Postage Stamps
Compulsory School Laws

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39
Q

Diffusions of Innovation

A

theory that seeks to explain

  • how
  • why
  • and at what rate

new ideas and technologies spread through cultures

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40
Q

Diffusions of Innovation - Origination

A

French Socializt Garbiel Tarde 1890

and German / Austrian anthropologiest Ratzel and Frobenius

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41
Q

Adoption is similar to Diffusion, except

A

adoption deals withthe psychological process an INDIVIDUAL goes through

rather than an AGGREGATE market process

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42
Q

Diffusion

A

The process by which a new product or idea is accepted into the market

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43
Q

Rate of Diffusion

A

speed that the new idea spreads from one customer to the next

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44
Q

Payback period (capital budgeting)

A

refers to period of time for the return of an investment to pay the same of the orignial investment

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45
Q

T or F

Time value of money is taken into account w/ payback period

A

False

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46
Q

Payback - Loyalty Scheme

A

launched in 2000
by AG metro company in Germany

was awarded the Big Brother Award in finance

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47
Q

Internal Rate of Return (IRR)

A

used in capital budgeting, measures and compares profitability of investments

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48
Q

IRR is also called

A

DCFROR (discounted flrow rate of return)
or
RoR - rate of return

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49
Q

In the context of savings and loans, IRR is also called _______

A

Effective Interest Rate

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50
Q

Financial Analysis

A

An assessment of the viability, stability and profitability of a business, sub-business or project

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51
Q

How are financial analysis performed?

A

By professionals preparing reports using ratios that make use of info from financial statement or other reports

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52
Q

Tools Definition

A

something used to perform an operation

or necessary in the practice of a vocation or profession

53
Q

Tools for Stage 1 - Opportunity Identification

A
  • Business Strategy
  • Market Opp Assess / Analysis
  • Environmental scanning
  • VOC
54
Q

Dynamics of a “Ideas First” Approach

A

FUNNEL

  • Innovation is #’s game, the more the better
  • Goal - fail fast
  • Quickly evaluate which are best
  • Evaluations doen without knowing all the customers’ needs… proxies are used

Guesswork - fails 70-90% of the time

55
Q

Dynamics of a Needs-First Approach

A
  • First uncover all customer’s needs
  • determine which are unmet
  • devise solutions that specifically address unmet needs
56
Q

Outcomes Innovation - How to get a better product

A

Determine Needs

  • Faster, quick and eary to do / use
  • more predictable - easy to understand / operate
  • quality - durable, better ease of use, easy to service
57
Q

Outcomes Driven Innovation

A

Discover 1 - Its about the job

People buy products to get things done

The job is the unit of analysis

Products come and go

The job is stable, long-term focal point which value creation should be centered

58
Q

According to Outcomes Driven Innovation, what products do customers migrate to?

A

Products that get the job done BEST

they are LOYAL to getting the job gone

59
Q

According to Outcomes Driven Innovation, what is the goal

A

Devise ways to help customers get the job done better

60
Q

Tools for Stage 2 - Idea Generation

A
  • Ideation Tools
  • Business Case Tools
  • Sales & Revenue Forecasting Tools
61
Q

Ideations AKA Brainstorming

What is Divergent Thinking

A

technique performed early in stage

  • expands thinking
  • generate, record and recall large # of ideas
62
Q

Ideation / Brainstorming

What is Convergent Thinking

A

peformed late in phase to help funnel the high volume of ideas from Divergent thinking into a small group (or single) idea -to focus and analyze

63
Q

Ideation / Brainstorming

Problem Based Ideation

A

problem solving approach to finding ideas

64
Q

Ideation / Brainstorming

Problem Based Ideation Process

A
  • study situation to identify problems
  • screen the resulting problems
  • develop concept statements (problem solutions) for evaluation
65
Q

Ideation / Brainstorming

Affinity Charting

A

A “bottom-up” technique for discovering connections between pieces of data.

66
Q

Ideation / Brainstorming

Delphi Process

A

Iterative rounds of concensus development across a group of experts to arrive at a forecast of the most probably outcome for some future state

67
Q

Ideation / Brainstorming

Nominal Group Technique

A

individuals write down ideas separately then each is read aloud and discussed with the group

68
Q

Business Case Tools

A
  • Business Case
  • Strategy & Assumptions
  • Market Assessment
  • Financials
  • Risk Analysis
  • Project Plan
69
Q

Tools for Stage 2 - Concept Generation

A 
Business Case Tools
Financials
  - ROI
  - IRR
  - EVA
  - COST
  - Forecast
  - Break even point
70
Q

ROI

A

standard measure of project profitability

discounted profits over life of project expressed as % of initial investment

71
Q

EVA (Economic Value Added)

A

after tax cash flow generated by a business minus the cost of capital it has deployed to generate that cash flow

72
Q

Forecasting Tools

A

a prediction over some time

73
Q

Tools for Stage 2 - Forecasting Tools

A-T-A-R

A

Awareness
Trial (purchasing)
Availability (find)
Repeat (repurchase)

74
Q

Tools for Stage 2 - Forecasting Tools

Diffusion of Innovation

A

similar to ATAR, depends on trying a product and buying it again

what is takes to produce a regular buyer of the product

the rate of acceptance (diffusion) of the product

Based on how innovation is spread through Early Adopters & Laggards

75
Q

Tools for Stage 2 - Forecasting Tools

Life Cyle Concept

A

uses the lifecycle of a product to project / forecast

this model lets the mgr view the product as a living thing that is impacted in various ways through its life

76
Q

Tools for Stage 3 - Concept Evaluation

A
  • Project Mgmt
  • Risk Management
  • Lean NPD
77
Q

Tools for Stage 3 - Concept Evaluation

Project Management

A

process where projects are defined, planned, monitored and controlled

delivered so that agreed benefits are realized

PM - a TOOL that ensures SUCCESS

78
Q

Tools for Stage 3 - Concept Evaluation

Project Management - Components

A
  • The Triple Constraint
  • WBS
  • Scheduling
  • Budget Planning / Project Cost Estimating
  • Monitoring & Controlling
79
Q

Tools for Stage 3 - Concept Evaluation

Project Management - Process

A
  • define goals of the project
  • plan all work to reach the goal
  • execute project & support teams
  • monitor and track progress while completing the project satifactorility
  • evaluate the process, product and lessons learned
80
Q

The Triple Constant

A

Scope / Performance

Budget / Cost

Schedule / Time

81
Q

WBS

A

a convenient method for dividing a project into small management work packages, tasks or activities

82
Q

Tools for Stage 3 - Concept Evaluation

Project Management - Scheduling Tools

A
  • Gantt Charts
  • Critical Path - Float and Slack
  • Schedule Compression
83
Q

Gantt Chart

A

schedulding tool in which the time span of each activity is show as an horizontal bar or line

starts and ends shown by line on chart

84
Q

Critical Path

A

the longest path from start to finish

or the path w/o any slack

The critical path is the set of linkages through the chart that is the longest. It determines how long a project will take.

Shortest time the project can be completed

85
Q

Schedule Compression

A

Trying to compress original schedule to satisfy a market window or customer due date

Trying to compress without compromise to

  • peformance
  • quality
  • scope

and without adding more cost

86
Q

PM - Budget Planning - Cost Estimating Considerations

A
  • use WBS, estimate each work package and sume
  • use historical data PARAMETRIC MODEL
  • on lengthy projects, have an inflation hedge
87
Q

Elements of Project Cost

A
  • labor / headcount
  • Non labor
    • Purchases / capital expenses
    • sub contracts
    • travel
      Overhead and General Admin (GA) burden
88
Q

PM - Monitor / Control

A 
REPORTS
"read out" of status to mgmt
- budget / cost
- schedule / time
- business / financial impact
REVIEWS
usually "interactive" and working level
 - budget / cost
- schedule / time
- business / financial impact
89
Q

PM - Risk Mgmt Process

A

Risk Identification

Business Risks

  • competition
  • funding
  • regulatory

Technical Risks
- impact on scope, budget, schedule, financials

probablility of occurence

90
Q

PM - Risk Mitigation / Contingency Planning

A
  • scope / performance
  • budget / cost
  • schedule / time

Risk Documentation

91
Q

PM - Risk Quantification (Plotting)

A

Impact
Severe, High, Mod, Low, Trivial

Probability on scale of 0-100

92
Q

Lean NPD

A

create product faster for less
relentless focus on customer
test (learn) first, then design

93
Q

Challenges in applying Lean NPD for Manufacturing

A 
Variability is bad
Learning is from mistakes
Process steps frequent and exact
Production is physical (visual)
Linear flow
Small group of similar specialists
94
Q

Lean NPD

A
  • is profitable
  • will have payback porportional to the work put into it
  • is amazing results from brillant processes and average people
95
Q

Lean NPD is NOT

A

Mediocre results from brilliant people with broken processes

96
Q

5 Lean Principles

A

VALUE – focus on value to customer

VALUE STREAM MAPPING - know where value is created

FLOW - eliminate waste so value stream flows to customer uninterrupted

PULL - the customer pulls the product from you

PERFECTION - pursued through continous improvement

97
Q

Challenges in Apply Lean NPD (how it is different from manufacturing)

A
  • variability creates knowledge
  • learning is the goal
  • process steps repeated less frequently with intended variation
  • product is informative (invisible)
  • non-linear & multi-dimensional
  • large, diverse group of various experts
98
Q

Value Stream Maps

A

Shows bottle necks

  • queues
  • schedule impact

does not tell why (root cause)

99
Q

Root Cause Analysis

A
  • shows cause and effect issues
  • identifies root causes and core problems
  • any symptom not solved will return
  • any symptom with multiple causes will return unless all causes are eliminated
100
Q

Project Economic Model (PEM)

A

Enables tractical trade off decisons at the project level
(time, cost, performance)

  • Cost of Delay (COD) is usually surprising
  • creates convergence on the understanding of delay
  • does not have to be perfect
101
Q

Defending Lean NPD

A
  • its scalable
  • lean yourself, team, dept
  • promote successes
  • will not last if not embraced at highest level
102
Q

Tools for Stage 4 - Development

A
  • Rapid Prototyping
  • Modular Product Architecture
  • CAD, DEX, DOE
  • House of Quality & QFO
  • Concurrent Engineering
  • Parallel Processing
  • FMEA
103
Q

Rapid Prototyping

A

any process that avoids tooling time in producing prototypes or parts

allows for non-functioning prototypes

produced in hours / days rather than weeks

frequently used to quickly test product’s technical feasibility or consumer interest

104
Q

Modular Architecture

A

each element has its own chunk

often used to assit in quickly servicing product

focus is design for service

easier, faster means less downtown

105
Q

CAD

A

designers / engineering computer aided design.

3D - wire or solid models

106
Q

DFX (Design for Function / System)

A

systematic consideration for all lifecycle factors such as

  • manufacturing
  • reliability
  • service

in the design and development process

107
Q

DOE - Design for Experience

A

statisical mehtod for evaluating multiple project and process design parameters similtaneously

rather than one parameter at a time

108
Q

House of Quality & QFD

A

both link to specifc consumer req’s with specific product consideration

translating customer needs into engineering req’s

109
Q

Concurrent Engineering

A

integrated and concurrent development of a product and its processes

emphasizes response to customer expectations

embodies team values of

  • cooperation
  • trust
  • shared decision making

Parallel work by all life cycle perspectives

synchronized ny brief exchanges to produce consensue

Similar to Parallel Processing

110
Q

FMEA - Failure Mode Effect Analysis

A

Used at develoment state to determine ways a product MIGHT fail

& evaluating consequences of each failure type

111
Q

Tools for Stage 5 - Launch

A
  • Launch Plans
  • Marketing Plans
  • Sales Training Checklist
  • Launch Review Checklist
  • Distribution & Service Readiness
  • Launch Metrics Tracking
112
Q

Metrics Definition

A

a set of measurements that quantify results

  • performance metrics quantity the units performed
  • Projecft metrics - tells whether the project is meeting its goals

Business metrics - defined the business progress in measurable terms

113
Q

PDMA Definition of Metrics

A

A prescribed set of measurements to track product dev

  • allows firm to measure impact of process improvement over time
  • varies by firm
  • measures process and outcomes from prod dev
114
Q

Possible FINANCIAL Performance Metrics

A
  • NPV
  • ROI
  • EVA
  • Break even time (BET)
115
Q

Metrics - Caveats / Common Sense

A
  • keep it simple
  • what gets measured gets done
  • avoid conflicting measurements

Cross-functional and functional team members should be measured differently

Allow team members to create own measurements for empowerment

116
Q

Metrics - Measuring Success

A

The most appropriate measures of project and program level success depends on the firms

Project Strategy
and
Business Strategy

Respectively

117
Q

4 Types of Process Metrics

A

Process - short term (NPD - days to launch, cycle time)

Project - med term (typical project length)\

Program - med term (new products launched this year)

Enterprise - long term and system wide - (effectiveness of a new technology launched across the organization)

118
Q

Balanced Scorecard

A

A comprehensive performance measurement technique that balances four performance dimensions: 1. Customer perceptions of how we are performing; 2. Internal perceptions of how we are doing at what we must excel at; 3. Innovation and learning performance; 4. Financial performance.

119
Q

Financial Metrics

A

Standard
ROI, IRR, EVA, Cost of Capital
Break Even Time (BET)

120
Q

Weak Financial Metrics

A

NPV

Market Share

121
Q

Success Metrics - Based on Griffin & Pages’ Research on Success Metrics By the following Strategy Types

A 
New to world
New to company
New category entry
Product improvements
Cost Reduction
Line Extension
Re-Positioning
122
Q

Success Measures for New to World / Prospector

A 
% of profits from products <N years old
customer acceptancec
Met profit goals
IRR or ROI
Competitive Advantage
123
Q

Success Measures for New to Co. / Fast Follower

A
  • Market share goals
  • revenue goals
  • customer satisfaction
  • met profit goals
  • competitive advantage
124
Q

Success Measures for Product Improvements

A
  • customer satisfaction
  • market share / revenue growth
  • met profit goals
  • competitive advantage
125
Q

Success Measures for Line Extensions

A
  • market share
  • met profit goals
  • competitive advantage
126
Q

Success Measures for Re-Positioning

A
  • customer acceptance
  • met profit goals
  • competitive advantage
127
Q

Success Measures for Cost Reduction

A
  • customer satisfaction / acceptance
  • revenue goals
  • met margin goals
  • met performance specs
  • met quality specs
128
Q

Break-even point is found

A

Break-even point is found on the program return map

129
Q

Quality function deployment

A

QFD is a structured method employing matrix analysis for linking what the market requires to how it will be accomplished in the development effort

130
Q

The impact of well done portfolio management is?

A

Properly assigned resources

131
Q

The team leader is a facilitator and has no real power and the types of projects assigned are usually slight changes or slight enhancements?

A

Functional Team

New Product Development Professional Studies (7 decks)

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