Do Not Pass Go

[ Login/Subscribe ]

Features

Departments

Opinion

Tools

Executive

Resources

About Us

Home > Features > Features

Do Not Pass Go
Robert Cooper and Scott Edgett (February 14, 2008)

No organization will succeed at new product development over the long haul without a systematic approach to project selection and resource allocation. It’s all about making informed go-kill decisions, again and again. Here are 10 best practices that can help — from data integrity and triangulation, to incremental commitments and cross-functional participation.

Much like the stock market, picking the right portfolio of investments in New Product Development (NPD) is one key to getting more bang for your buck. Indeed, significant productivity gains in NPD are possible through more astute selection decisions, according to a major study of industry best practices. Moreover, businesses that perform the best in New Product Development have in place a systematic portfolio management method-one that brings discipline and rigor to their project selection decisions and effectively guides their resource allocation. These firms recognize that every R&D or new product project is an investment; and like stock market investing, R&D investments must be managed in a professional and systematic way.

One of the weakest facets of NPD is effective project selection and resource allocation.According to a study by the American Productivity and Quality Center (APQC), only 21 percent of businesses' portfolios contain high value-to-the-corporation projects; only one-in-four businesses effectively rank and prioritize their projects; and less than one business in five has the right balance of projects in its development portfolios.

Please login/register to read the entire article.

Sponsored Announcements and Special Offers

Looking for an easy-to-use PPM solution? Find out why the University of Oklahoma calls Portfolio Intelligence and Three Olive Solution's product "... the best fit for our strategic philosophy for project portfolio management." Take our product tour today!
Training Solutions for the Project Management Professional. Get world-class PM training from University of California, Irvine Extension--a PMI-Registered Education Provider. Master the PM Body of Knowledge (PMBOK) Guide; earn PDUs; prepare for PMP certification; earn transfer credit toward a master's degree at our partner university. Learn More.
The Project Management Institute is accepting online applications for the new PMI Risk Management Professional (PMI-RMP)SM credential. Candidates who take the examination during the incentive period of 29 August – 31 October 2008 will receive 50% off the price of the examination, as well as be entered into one of four regional drawings for $1,000 (USD).

@task
HP
PeoplePM
PMI Risk Management
ProjectWorld
RMC Project Mgmt
Stanford University
University of Calif, Irvine

VIEW NEW WHITE PAPERS

July 2008: Sponsored by PeoplePM

How important are "people skills" in executing projects, and can they be taught?