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Q1..the seven main steps in product planning and development. The steps are: 1. Generation of
New Product Ideas 2. Screening of Ideas 3. Product Concept Development 4. Commercial
Feasibility 5. Product Development 6. Test Marketing 7. Commercialisation.
The ideas should be screened properly; as any idea passing this stage would cost the firm in
terms of time, money and efforts, at subsequent stages in product planning and development.
Those product ideas which clear the screening stage must be developed into a product concept –
identifying physical features, benefits, price etc. of the product. At this stage product idea is
transformed into a product concept i.e. a product which target market will accept.
Q2
The product life cycle has 4 very clearly defined stages, each with its own characteristics that
mean different things for business that are trying to manage the life cycle of their particular
products.
Introduction Stage – This stage of the cycle could be the most expensive for a company
launching a new product. The size of the market for the product is small, which means sales are
low, although they will be increasing. On the other hand, the cost of things like research and
development, consumer testing, and the marketing needed to launch the product can be very
high, especially if it’s a competitive sector.
Growth Stage – The growth stage is typically characterized by a strong growth in sales and
profits, and because the company can start to benefit from economies of scale in production, the
profit margins, as well as the overall amount of profit, will increase. This makes it possible for
businesses to invest more money in the promotional activity to maximize the potential of this
growth stage.
Maturity Stage – During the maturity stage, the product is established and the aim for the
manufacturer is now to maintain the market share they have built up. This is probably the most
competitive time for most products and businesses need to invest wisely in any marketing they
undertake. They also need to consider any product modifications or improvements to the
production process which might give them a competitive advantage.
Decline Stage – Eventually, the market for a product will start to shrink, and this is what’s
known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e.
all the customers who will buy the product have already purchased it), or because the consumers
are switching to a different type of product. While this decline may be inevitable, it may still be
possible for companies to make some profit by switching to less-expensive production methods
and cheaper markets.
Q8
2: Measure performance
You should measure the performance in order to check whether the project is going well. For
instance, cost performance of the project will give an indication whether the planned budget will
be sufficient to complete the project. Schedule performance of the project will give an indication
whether the planned schedule and dates can be reached.
Project monitoring and controlling step #6: Perform integrated change control
Changes in a project must be implemented in an integrated manner. Because a small change in
one aspect of the project might impact the overall project. Performing an integrated change
control evaluates the changes and its impacts on the project. Then, a proper change
implementation is planned to minimize the risk of changes.
7: Approve or reject changes
Project monitoring and controlling process may approve or reject changes. Changes are
evaluated by the change control board and if this board rejects the change, it won’t be
implemented. If a change is approved, project plan revisions must be done and change should be
implemented properly.
9: Manage configuration
The configuration of a project describes the meaningful and properly working combination of
different modules or parts. In order to ensure healthy project progression, the configuration is
managed.
In the initial stages of the process of preparation of projects, when there is not enough
detailed and extensive information about the investment project,
In the case of projects with relatively short economic life cycle, in which the different timing
of inputs and the effects do not affect in a decisive way calculation of the profitability of the
project,
In the case of projects of small scale, when both the inputs and the effects are minor and do
not affect the market position and the financial situation of the company implementing the
investment project.
The most frequently mentioned and described static methods of investment projects evaluation
include:
Q7
The Project Manager is responsible for delivering the project, with authority and responsibility
from the Project Board to run the project on a day-to-day basis.
The project manager is the individual responsible for delivering the project. The individual leads
and manages the project team, with authority and responsibility from the project board, to run the
project on a day-to-day basis. In the NI public sector, PRojects IN Controlled Environments2
(PRINCE2(external link opens in a new window / tab)) is the standard project management
method and is applicable to all project types.
As well as the formal responsibilities set out in methods such as PRINCE2, the project manager
has an important role in interfacing between the project and the business area. This is important
for communicating and encouraging the need for transformation and change within the business
area in tandem with the delivery of new capabilities from the project. The readiness of the
business to exploit the new capability is crucial to success. Without this state of readiness in the
business, there are likely to be disruptions and delays in the plan for benefits realisation.
The project manager, operating within agreed reporting structures, is responsible for:
In construction projects the project manager also provides the interface between the project
sponsor and the supply side of the project team.