Product Development and Portfolio Management Features and Functions
The Product Development and Portfolio Management Knowledge Base covers the execution processes of new product development projects and programs, including phase-gate processes. It also addresses Product Portfolio Management (PPM), including the evaluation processes of new and existing products and product portfolios to provide the most valuable, balanced, and well aligned portfolio of products.
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Portfolio Management
Portfolio management adds discipline and structure to determining which products and product innovations should be pursued. Portfolios of existing products, as well as product innovation investments can be rated and prioritized based on financial value to the business; strategic value to the business; optimal balance of products and product investments; and available resources. By providing an unbiased decision support environment, companies can take product decisions beyond politics to strategic, business decision making.
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Process and Project Management
Process management involves managing the overall business processes that control the product lifecycle from concept to retirement, while project management involves planning and scheduling the work required for product innovation processes. Project management is more frequently used during major product introductions or innovations where multiple tasks and resources must be aligned to accomplish the larger goal, while process management spans the life cycle of the product.
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Ideation and Requirements Management
New product ideas and requirements come from many sources. Customers, suppliers, employees, and partners can be a source of valuable feedback on existing products and ideas for new products. Capturing these ideas in a central location so they can be reviewed and scored for consideration in an efficient manner can lead to breakthrough product innovations and new sources of intellectual property.
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Application Technology
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Product Lifecycle Management (PLM) Features and Functions
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