Lean Principle and PRINCE2 Methodology in Product Life Cycle

This assignment delves into the world of product life cycle management, exploring the role of lean principles and PRINCE2 methodology. It begins by discussing the importance of analyzing market situations before launching new products, highlighting research on consumer preferences and competitors. The lean principle concept is introduced as a means to introduce a television product from XYZ entity into the market. Additionally, the PRINCE2 theory is applied to evaluate appropriate methodologies in product life cycle stages. The assignment concludes by emphasizing the need for careful analysis and strategic management in product development and launch.

OPERATION AND
PROJECT MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
ACTIVITY A...................................................................................................................................1
1. Critical evaluation of the appropriate theories and concept....................................................1
ACTIVITY 2...................................................................................................................................2
2. Explaining effectiveness of the continuous improvement plan with the use of principles in
operation management.................................................................................................................2
ACTIVITY 3...................................................................................................................................4
3. Critically evaluating each stage of Product Life Cycle...........................................................4
Necessary documentation:...........................................................................................................5
ACTIVITY 4...................................................................................................................................8
4. Critically analysing concepts and models of the PLC which differentiate between large and
small-scale projects......................................................................................................................8
Differentiate between large and small scale projects................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Research in product development plays a very important role. It is because before
introducing any commodity in market, it is necessary that entity will firstly analyse the whole
market situation first (Audretsch, Sanders and Zhang, 2017). For example: customers
expectations, its competitors, current market trend etc. The assignment will critically evaluate the
theories and concept in order to develop efficient research of the product which XYZ entity
wants to launch. Further, effectiveness of the continuous improvement plan will also be
discussed in this report with each stage of product life cycle.
ACTIVITY A
1. Critical evaluation of the appropriate theories and concept
In order to enter in the large screen television market firstly XYZ entity needs to analyse
the market condition. Thus, in order to develop this concept manager its research will apply the
key five principles of the Lean theory.
1
Illustration 1: Lean principles
(source: Lean manufacturing, 2019)

Identification of the value: This is the first step by where value of the product is decided
by the needs to the customer. Thus, here XYZ entity has to analyse the situation like time line of
the manufacturing and its delivery, price point upon which 58 inches television will be sold etc.
Mapping of the value stream: Once the value of the product has been decided by the
entity. The next step is to map the value stream where all steps of product development will be
measured. In this step analysis will be created through specific product from its raw material and
till analysis of delivery time.
Creation of flow: This is step in which XYZ entity has to ensure remaining steps by
which smooth flow of business operations will get developed. Such as no interruptions, delays,
or like bottlenecks (Sommer and et.al., 2015). In this step situation in market will need to analyse
so that television which XYZ entity wants to bring will be easily towards customers.
Establishment of pull: after improving the flow of the market, now entity has to take
time to customers and market by which entity will easily able to deliver the products to customer
in accordance with their needs. Through this step entity will pull their product as per their need
and with that result products does not need to create in advance.
Seeking perfection: This is the final and most important step under which entity will
have to develop lean thinking in order to improve their part of corporate culture. This is the step
under which management must have to care that every employee will provide their contribution
in order to develop effective product.
Thus, there are steps and methods by which XYZ entity will able to enter into the Large
screen television market in order to easily reach customers and to improve their good sales
volume.
ACTIVITY 2
2. Explaining effectiveness of the continuous improvement plan with the use of principles in
operation management
Continuous improvement is considered as the ongoing efforts which created by entity in
order to improve the process of products. Through this plan entity will able to reach its customer
smoothly and able to provide them products which satisfy customer needs. Its use with principle
of operation management are as follows-
Reality:
2

Operation management in the organisation need to focus on the overall problems instead
of only focusing on the techniques of creating a product (What are the Principles of Operations
Management, 2019). This principle states that no tool in itself will able to present universal
solution.
Principle of organisation:
According to this principle steps of production in an organisation must be organised as
coherent whole. It means that everything in entity must be interconnected where elements must
need to be consistent and predictable. Through this process entity will able to generate good
amount of profit.
Principle of Humility:
In order to develop effective productions of the goods, trial and error method will
sometimes lead to very costly. Thus, it is important for manager that they will understand
limitation in production by which money and time will get saved.
Principle of accountability:
In order to run efficient manufacturing operation it is essential to be accountable
(Krysiński and Miller, 2016). In this process manager of the XYZ entity must have to set rules
and metrics where frequent monitoring and checking will get run in order to meet organisational
objectives.
Principles of Causality:
This is the principle which states that, in order to get rid from the production problem
management of the entity must have to remove its underlying causes as well.
Principle of change:
Change is the important element in order to improve the manufacturing process of
operation management (Slack and Brandon-Jones, 2018). Through this principle XYZ entity will
able to manage its stability in long run in television market.
Collaborating with customers:
According to this process, entity has to understand the nature of customer regarding what
they buy and use. Through this principle entity will able to provide products in accordance with
customer expectations which result in greater profitability.
Analysis of competition:
3

In order to enter into new market entity have to analyse its competitors, their customer
practises, product which they offer and any other form of competitive edge so that manufacturing
process will get developed in accordance with it.
Quality control:
It is the most important process while manufacturing any business operation. Customers
will only get attracted if the product has efficient quality which has some unique features from
the other existing products in the market.
These are the steps and principles through which XYZ entity will able to enter into the
Television market by producing the products with good quality and with appropriate value.
ACTIVITY 3
3. Critically evaluating each stage of Product Life Cycle
It is important that a company will have to be good in developing new products and to manage
them efficiently which is in its changing tastes, technologies and in competition. It is also true
that each product has the life cycle with predictable sales and profits and it is followed by
marketers in order to identify strategies which influence efficiency. Its stages are as follows-
Introduction stage: This is the stage which could be most expensive for entity in order
to launching a new product in the market. This is the stage where entity will have cost things like
4
Illustration 2: product life cycle stages
(source: Product Life Cycle Stages, 2019)

research and development, consumer testing and marketing so that effective and competitive
product will get developed.
Growth stage: This is the stage which mainly characterized by strong sales in growth
and profits by which company will able to start benefit from economies of scale, profit margin so
that profit margin will get increase.
Maturity stage: During this stage product of the entity get established and the aim of
manufacturer is to maintain the market share (Grant, Trautrims and Wong, 2017). This is the
stage which is probably the most effective time where entity need to invest in the market in
which they want to enter.
Decline stage: This stage indicates that market for products start getting shrink which is
might be due to saturate market or because of consumers which switch to another product.
Thus, these are the stages which needs to be analysed by the XYZ entity before entering
into the Television market. The stages in this cycle may get arrive for sometime therefore, it is
important that the management and manufacturer will properly understand situation in order to
earn profit and to stay in business.
Necessary documentation:
Task
Mode Task Name Duration Start Finish Predecessors
Auto
Scheduled
Market research
and technical
feasibility
5 days Tue 05-03-19 Mon 11-03-
19
Auto
Scheduled
Development of
commercialization
time line
2 days Tue 12-03-19 Wed 13-03-
19 1
Auto
Scheduled
Assess
competition and
market share
1 day Thu 14-03-19 Thu 14-03-19 1,2
Auto
Scheduled
Assess customer
needs and
preferences
1 day Fri 15-03-19 Fri 15-03-19 3
Auto
Scheduled
Identification of
target market 1 day Fri 15-03-19 Fri 15-03-19 1,3
Auto
Scheduled
Assess technical
feasibility of
project
2 days Thu 14-03-19 Fri 15-03-19 1,2
5

Auto
Scheduled
Recruit project
team 3 days Mon 18-03-
19
Wed 20-03-
19 4
Auto
Scheduled
Determination of
project cost 1 day Mon 18-03-
19
Mon 18-03-
19 1,5,3
Auto
Scheduled
Product
development and
testing
5 days Tue 19-03-19 Mon 25-03-
19 1,8
Auto
Scheduled
Detail of product
development plan 1 day Tue 26-03-19 Tue 26-03-19 9,6
Auto
Scheduled
Get the feedback
of end user 1 day Wed 27-03-
19
Wed 27-03-
19 9,10
Auto
Scheduled
Improve product
based on feedback 2 days Thu 28-03-19 Fri 29-03-19 11,7
Auto
Scheduled
Updated business
plan 1 day Thu 28-03-19 Thu 28-03-19 11
Auto
Scheduled
Developed
marketing plan 1 day Mon 01-04-
19
Mon 01-04-
19 10,13,12
Auto
Scheduled
Production and
market launch 5 days Tue 02-04-19 Mon 08-04-
19 9,14
Auto
Scheduled
Development of
production plan 1 day Tue 09-04-19 Tue 09-04-19 15
Auto
Scheduled
Purchased and set
equipment’s 3 days Wed 10-04-
19 Fri 12-04-19 15,16
Auto
Scheduled
Provided training
to staff 2 days Tue 09-04-19 Wed 10-04-
19 15
Auto
Scheduled
Developed quality
assurance plan 1 day Mon 15-04-
19
Mon 15-04-
19 17
Auto
Scheduled
Establishes price
and terms of sales 1 day Tue 16-04-19 Tue 16-04-19 8,19
Auto
Scheduled
Development of
new product
brand program
2 days Wed 17-04-
19 Thu 18-04-19 20,18
GANTT CHART
6

Critical path:
7

ACTIVITY 4
4. Critically analysing concepts and models of the PLC which differentiate between large and
small-scale projects
In order to analyse the product life cycle stages, PRINCE 2 theory has been applied. It is a
structured method in project management which mainly emphasis on diving the projects into the
stages of manageable and controllable areas. This is the method which mainly deal with various
types of stages which needs to be managed for specific projects. Diagram which illustrate its idea
are as follows-
Directing a project process:
8
Illustration 3: PRINCE2 THEMES
(source: PRINCE2 Project Methodology, 2019)

It is the responsibility of the project board to direct the project where process will
establish through starting until from its end. It is the process which happen before starting of the
projects. Thus, before launching television product in market, directing has been done by the
manager of XYZ organisation.
Starting up a project process:
It is the responsibility of project manager and executive to start up a process in project. In
this stage manager has to provide reason behind establishing a project, assignment of teams and
about stage plan which is created to run the initiation of stage.
Initiating a project process:
It is the process which define the product of project, its quality, timeline, cost, risk
analysis and commitment of resources (Fagel, 2016). At this stage plan has created in order to
finalise the product.
Controlling of stage process:
This is the stage through which project manager does most of their work. They mainly
check and monitor the work, takes creative action if change has been observed and communicate
to shareholders in order to develop strategy.
Managing product delivery process:
This is the stage where planned products created and the responsibility comes under the
team manager. It is the process where work packages are executed, products created and work
gets done. Thus, in this stage XYZ entity will develop its production of television in production
department.
Managing of stage boundary process:
At this point two main functions get involved which include reporting the performance of
existing stage and planning of the next stage (Mousaei and Gandomani, 2018). Thus, at this stage
project board will check and monitor whether work has been developed with stage plan or not.
Closing of project process:
At this process project manager will cover up the work by wrapping up project at last
stage where activities like End project report, Lessons Learned report and acceptance record will
get initiated.
Differentiate between large and small scale projects
9

Small projects Large projects
These are usually completed by small team or
by individual.
Large team mainly work to complete the
project.
This usually takes order to hours to week in
order to its completion.
In order to its completion, it usually takes
month to year.
Thus, in order to project management theory it is analysed that small project will develop
with more accuracy in comparison to large one. It is because short run project with limited cost
and code generation provide true and fair view but in large projects there are chances of its
efficiency because different ideas for its completion get generated. Thus, to enter into television
market XYZ entity first have to develop its project management for short duration so that proper
analysis of market will get developed for its continuance in market.
CONCLUSION
From the above report it is concluded that before launching any new product in the
market it is necessary that entity first analyse whole market situation where research has been
developed on consumer preferences, competitors, etc. Thus, in this report explanation has been
provided on lean principle concept in order to introduce television product of XYZ entity in the
market. Moreover, PRINCE2 theory is also been explained in order to evaluate appropriate
methodology in product life cycle stage.
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REFERENCES
Books and Journals
Audretsch, D., Sanders, M. and Zhang, L., 2017. International product life cycles, trade and
development stages. The Journal of Technology Transfer. pp.1-44.
Fagel, M.J., 2016. Principles of emergency management and emergency operations centers
(EOC). CRC press.
Grant, D.B., Trautrims, A. and Wong, C.Y., 2017. Sustainable logistics and supply chain
management: principles and practices for sustainable operations and management.
Kogan Page Publishers.
Krysiński, M. and Miller, P., 2016. The Role of Conflict in Project Management in the PRINCE2
Methodology. Ekonomika i Organizacja Przedsiębiorstwa, (6). pp.3-12.
Mousaei, M. and Gandomani, T.J., 2018. A New Project Risk Management Model based on
Scrum Framework and Prince2 Methodology. Development. 9(4).
Slack, N. and Brandon-Jones, A., 2018. Operations and process management: principles and
practice for strategic impact. Pearson UK.
Sommer, A.F and et.al., 2015. Improved product development performance through Agile/Stage-
Gate hybrids: The next-generation Stage-Gate process?. Research-Technology
Management. 58(1). pp.34-45.
Online
Lean manufacturing. 2019. [Online]. Available through <https://tataandhoward.com/tag/lean-
manufacturing/>
PRINCE2 Methodology. 2019. [Online]. Available through <
https://activecollab.com/blog/project-management/prince2-project-management>
What are the Principles of Operations Management. 2019. [Online]. Available through
<https://www.planettogether.com/blog/what-are-the-principles-of-operations-
management>
Product Life Cycle Stages. 2019. [Online]. Available through
<http://productlifecyclestages.com/>
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