Week Seven Flashcards
What is the stage-gate process?
A structured approach to product development with stages of tasks and decision gates to approve, delay, or terminate projects.
What are decision gates in the stage-gate process?
Points where project progress is reviewed and decisions are made to continue, adjust, or stop the project.
Why is maintaining discipline in the stage-gate process important?
To ensure thorough evaluation and reduce risks by following each stage without skipping steps.
What is a balanced innovation portfolio?
A mix of projects with varying risk levels to balance short-term gains with long-term innovation potential.
What is meant by “fail fast, fail cheap” in innovation?
Encouraging early testing with low-cost prototypes to learn quickly and pivot if necessary.
What are common issues with poorly managed stage-gate processes?
Lack of rigorous gate decisions, projects rarely being killed, and executive bias leading to unbalanced project portfolios.
How does Agile differ from the stage-gate process?
Agile focuses on continuous iteration and adaptation, while stage-gate is a more linear, structured approach.
What is a technology roadmap?
A strategic plan that outlines how a company will develop and integrate technology over time to achieve its goals.
What is the purpose of a technology life cycle?
To monitor the stages of a technology’s development, from early research to market maturity and decline.
What is the “hype cycle”?
A model that tracks emerging technologies from initial excitement to realistic expectations and widespread adoption.
What is a product platform and why is it useful?
It involves developing a common platform for multiple product variants, allowing flexibility, scalability, and cost savings through shared components and designs.
Why is project selection important in innovation?
It ensures that resources are allocated to projects with the best potential for strategic alignment, market success, and learning outcomes.
What are “scouting options” in innovation portfolios?
Projects that explore new technologies or markets with high uncertainty to identify future opportunities.
How can overloading the development funnel impact innovation?
It can slow progress, reduce focus on individual projects, and lead to lower product quality and longer time-to-market.
What is the product development funnel?
A process that reflects how the stage-gate process narrows down the number of projects as they move through stages, ensuring only the most promising projects are developed.
