Critically Evaluating Theories and Concepts for Product Development

This presentation critically evaluates the theories and concepts in product development and discusses the effectiveness of continuous improvement plan in the product life cycle. It also explores the different stages of the product life cycle and the application of PRINCE2 theory in project management.

OPERATION AND
PROJECT MANAGEMENT

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. 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.

Critically evaluating 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.
 Identification of the value:
 This is the first step by where value of
the product is decided by the needs to the
customer.

CONT..
 Identification of the value:
 This is the first step by where value of the product is decided by the needs to the
customer.
 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.
 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.

CONT..
 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.
 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.

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:
 Operation management in the organisation need to focus on the
overall problems instead of only focusing on the techniques of creating a
product

CONT..
 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.
 Principle of Humility:
 In order to develop effective productions of the goods, trial and
error method will sometimes lead to very costly.

CONT..
 Principle of accountability:
 In order to run efficient manufacturing operation it is essential to
be accountable.
 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.

CONT..
 Principle of change:
 Change is the important element in order to improve the
manufacturing process of operation management.
 Collaborating with customers:
 According to this process, entity has to understand the nature
of customer regarding what they buy and use.

CONT..
 Analysis of competition:
 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.

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.
 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.

CONT..
 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.

CONT..
 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.

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
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

CRITICAL PATH

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.

CONT..
 Directing a project process:
 It is the responsibility of the project board to direct the project
where process will establish through starting until from its end.
 Starting up a project process:
 It is the responsibility of project manager and executive to start up
a process in project.
 Initiating a project process:
 It is the process which define the product of project, its quality,
timeline, cost, risk analysis and commitment of resources

CONT..
 Controlling of stage process:
 This is the stage through which project manager does most of their
work.
 Managing product delivery process:
 This is the stage where planned products created and the
responsibility comes under the team manager.
 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

CONT..
 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
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.

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.

REFERENCES
 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.