Project Management Process and Its Involvement in the New Product Development: Analytical Essay

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Chapter 1. Introduction

The investigation carried out through this research study is focused merely on the context of Project Management and innovation practices in new product development. The focus of this research is on the organizations that aim to manufacture new products by using project management processes and achieve high innovation. The three categories which projects come into when it is new product development here are the use of technologies of project management that helps in product launch, using the project is already available products of the organization and new product development that is the main focus here which consist of the whole process. The entire focus relating the project management process and its involvement in the new product development are explored further.

It has been an acknowledged fact that the growing competition in the global market, organizations around the world are continuously finding practical means for resource utilization leading to the creation of value and survival in the market (Hoda and Murugesan, 2016). When it comes to the management, the solutions have always been looked inside the organization, instead of finding it outside (Polat et al., 2018). The inside solution can be taken as the available resources which could help in achieving sustainability (Bierwolf et al., 2017). Management, serving the role in the organization contains the integration of the resources that are needed and achieve the tasks leading to objectives of the organization.

Several research studies point out that the only solution to use the resources and to bring a positive change in the organization effectively is through projects. Another few research studies have supported it after exploration of the literature that projects mean to bring the improvement in the organization (Lee and Ram, 2018; Paton and Andrew, 2019; Midler, Killen and Kock, 2016; Adler, Pittz and Meredith, 2016; Dingsøyr and Lassenius, 2016). The competitiveness achieved through projects helps in reducing the costs, along with effective utilization of time and scheduled resources.

New product development is considered as the critical activity for the organizations aiming to engage in this task (Andersson and Chapman, 2017). The increase in inclination towards new product development has been the result of the growing influence of globalization (Ciric et al., 2018). For achieving the competitiveness with regards to the increase in market competition, the businesses require to have the new product to retain the old customer and target new markets (Saltan, Jansen and Smolander, 2018). The new product development process has taken the core place in the attention of the organization, and therefore, it requires to manage and appropriately done (Barrales-Molina, Kaynak and Gutiérrez-Gutiérrez, 2018). Several organizations have started using the approach of project management and its processes for new product development. There have been several research studies (Noe et al., 2017; Laine et al., 2017; Conforto et al., 2016; Stettina and Hörz, 2015; Cooper, 2016) conducted exploring an extent to which the project management process’s utilization in new product development.

The efforts subjected to projects contains several divisions, both from outside and inside the organization for accomplishment of the project objectives (Solan and Shtub, 2019). The traditional way which had been pointed out in many research studies explained its working through the pyramidal hierarchy structure (Giannetti, Magnacca and Mariani, 2018). It contains the independence of the operation’s division in the project development and the organization (Chang and Taylor, 2016). Even though project management practices are the appropriate way through which the projects are executed in an organization, but considering the case of new product development; the traditional approach stands not as effective as it was for other projects (Gemünden, 2015). Traditionally, the structure is rigid, and it creates the change a hard to adopt the process. The unsuitability of the change adoption makes it hard for the organization to hive the tasks of new product development (Conforto et al., 2016). Another factor which highlighted traditionally was frequent delays and vertical chain of commends that can slow the process.

The central idea of the creation of project management is because it provides the integration of complex tasks and the possibility of maximum efforts to reduce the bureaucracies (Laine et al., 2017; Barrales-Molina, Kaynak and Gutiérrez-Gutiérrez, 2018; Ciric et al., 2018; Dingsøyr and Lassenius, 2016). These two main factors have been considered as the ideal factors for new product development. The design and development of the process of project management have always been considered quite vital for the success of the organization through creative and reduced cost manners. When it comes to the achievement of the goal through an efficient and effective way, workers and management from different departments in one organization could work in an organized manner (Adler, Pittz and Meredith, 2016). The new product development requires such a sort of organized manner, ensuring active involvement of all the departments in the development of new products — all departments ensuring market research, innovation, and resources.

In the rapidly changing environment of both external and internal organizations, project management took place the core practice of the business and is also used as the tool for handling the activities which are complex or novel (Midler, Killen and Kock, 2016). The reason behind this much importance that has been given to the project management is because it helps in reducing the cost-inefficient manner and the use of resources and time has also become efficient through project management (Paton and Andrew, 2019; Lee and Ram, 2018). The organizing, planning, controlling, and directing that project management provides through effective manner enables the organization in achieving the new product development process (Harris, 2017). These factors mentioned are pointed out by many researchers. However, these factors identified are the processes of the organization that manages the resources of the organization.

It is quite vital when it comes to the methodologies that have been created by the project management field because these methodologies provide the guidelines and checklists that leads to the achievement of the goals and objectives (Haverila and Fehr, 2016; Bierwolf et al., 2017; Hoda and Murugesan, 2016). In the meantime, the new product development also contains the lifecycle that requires monitoring, tracking, and evaluation, which can be done by project management (Lee and Ram, 2018). It helps in ensuring all the activities, and even the smallest one carried out in a perfect manner that helps in achieving the innovation in the product through project management.

1.1 Background

Development of new products is classified into three categories according to their functionality and features. Products developed aiming standing markets developed by making minimal modifications in prevailing functionalities are coined under ‘Incremental New Product Sector.’ ‘Significant Important Products’ are classified underdevelopment of products targeting trending markets and potential customers by incorporating or eliminating certain features on products making them standout. A proposed idea converted into a new product or technology is coined as an ‘Innovative New Product’ when it creates a face shift in the current technological or market trends. Innovative new products are mainly aimed at market adoption and are usually adopted by visionaries (Jetter et al., 2016).

New product development (NPD) is the utmost significant factor that drives an organization to either failure or success. Studies all over the world indicate that for organizations to be successful in terms of the development of new products mainly two basic parameters must be satisfied that are minimal time taken to launch the products into the market and to stay true to the maximum in customer requirements (A. Schilling et al., 1998). Transitional waves in lifestyles and livelihood of people undergo a phase shift by the introduction of new products and technologies. Innovations happen as a result of standout thinking form the trending attributes around. Implementation of a product from a mere simple idea and introducing it to the market requires a fair amount of planning, research, and management.

Project management drives in creating a difference from the contemporary approaches practiced by companies by driving changes in the functionality for implementing change. For fulfilling requirements, project management focuses on the integration of project techniques and technologies. The main idea of project management is to deliver quality products or services according to client or market requirements integrating quality benchmarks under specified schedule and budget paradigms (POPA et al., 2019).

In a nutshell, the research includes how project management factors in the field of new product development. The study relates to how the scope of the new products is set according to the market research conducted are how new product development influence the success factors of a company. The research gives a clear idea of how new product development in different industries and sectors are managed using project development. Project Management Methodologies practiced for the development of new projects are also focused in this study. How to effectively manage and incorporate and manage changes in even later stages in the project lifecycle is also mentioned, including quality benchmarks.

1.1.1 New Product Development

The new product development can be described as the introduction of the new product in the organization considering the marketing patterns and organizational resources (Paton and Andrew, 2019). New product development considered as one of the most critical processes in the organization that leads to value creation (Midler, Killen, and Kock, 2016). The creation of excitement, interest, and new opportunities is being done by new product development. It considers the perspective of the consumers in the market, and they are being entertained in lower prices of high quality, which helps in fulfilling their needs. There have been several changes that have been brought in the last few decades when it comes to new product development (Adler, Pittz and Meredith, 2016; Andersson and Chapman, 2017; Saltan, Jansen and Smolander, 2018). The most critical aspects are low cost and sustainability that leads to saving the resources that help the organization and the overall environment.

1.1.2 Project Management Practices

The project management practices have been explored and discussed in several research studies, it can be described as the endeavor that is being undertaken by the organization that leads in the creation of a unique and new product, result or services (Noe et al., 2017; Ciric et al., 2018; Adler, Pittz and Meredith, 2016; Gemünden, 2015; Cooper, 2016). It takes place when the organization is aiming to bring the change in the organization. There are several changes in the organization, and it consists of the changes in the existing product or changes in the manufacturing that creates the new product (Conforto et al., 2016). The project management has been created for several other objectives, but recently, it has been focused on the new product development. The planning of the project matters the most because it helps in achieving the benefits through a strict process of monitoring.

Hence it has been increasingly viewed as the necessity for the project managers to seek the advanced skills of the project management that includes the strategic management, leadership, and management of the business. In earlier days, project management was blamed for being not relevant to innovation because it has always been focusing on controlled project environments under linear project management (Andersson and Chapman, 2017). The linear project management approach simply deficiencies uncertainty because it follows only the defined activities (Ciric et al., 2018). However, in the contemporary past, the new project paradigms have been introduced which includes the uncertainty and creates the plans through learning-based approaches also known as the targeted flexibility (Saltan, Jansen and Smolander, 2018). The innovation, mainly product innovation, which is now part of the project management deals with the approaches of the adaptive nature.

1.2 Research Aims and Objectives

This research aims to identify the roles of project management in new product development and identifying suitable methodologies for the implementation.

To conduct studies on different practices undertaken in vivid industries for product development.

Product innovation management.

To find out different approaches to handle different projects simultaneously.

Market research.

Quality standards for developing products.

Implement changes in different phases in the project lifecycle.

To develop new ideas and innovative ideas for new products before market research and requirements.

1.3 Research Questions

Managing new product development projects with project-adapted vs. traditional or standard management practices?
How to implement project management in product development?
Which methodology should be practiced better for product development projects?
How to manage quality and change management in developing new products?

Click Here To Order Now!

Project Management Process and Its Involvement in the New Product Development: Analytical Essay

Do you need this or any other assignment done for you from scratch?

We have qualified writers to help you.

We assure you a quality paper that is 100% free from plagiarism and AI.

You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)