Abstract
Engineering and product development organizations live and die by the product development projects they select. Prioritizing and carefully choosing the best product development projects are as important to these organizations’ success as the products themselves. As this is the case, new product development selection is taken very seriously and product ideas typically need to pass through various stages before real time and money are devoted to their realization. Although most product-centric organizations are diligent in their ability to build a solid framework in evaluating product design and viability, many fall short on the human element ultimately responsible for successfully delivering a product to market. Effectively managing the people and the tasks responsible for pushing a project along the road to success requires a balanced approach. This balance between product viability and available resources can only be delivered through an all inclusive project and portfolio management framework.
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