Product Concept Definition - 1686 Words

The Product Concept PhaseAs discussed in Chapter 2, new ideas for new products and services are generated in many different ways in and outside the modern company in the market. Today a more open and collaborative process of accessing innovative ideas and problem solutions is available to companies on the Web in the form of wiki platforms. A wiki is a collaborative Website that can be directly edited by anyone with access to it. This virtual market for new product ideas that is generated by a wiki is called an ideagora, from the Greek word agora (marketplace). An ideagora is a global marketplace on the Web where insights and experiences are shared, debated, and refined. Companies get access to a global pool of talent through this system†¦show more content†¦The secret to faster, cheaper, and better new products is the management and scheduling of product development as a dynamic, interactive process. The estimates of task durations are made by the project manager using past project experience plus the insights of those who will do the work. The focus in this phase is starting dates,not task durations. This means, for instance, that the project value assessment (ID 3 in Table 4-1) is estimated to take five days based on past experience, but the task manager is expected to get it done as soon as possible. Durations are not seen as the authorized window for the work; they are seen as outside estimates. Setup for Project Review: Go or No-Go DecisionThe concept phase is important because these front-end activities of analysis and evaluation help to prepare for the go or no-go decision at the end of this phase in project review. Project setup increases the chance that if the product does not have potential, the company can stop the process of development in time to save valuable resources. At this stage, it is key that good data and insight are provided about the product or service under consideration. The way management commits to the project at this point depends on company policy and procedures, but it is recommended that top management sign off on the scope document and perhaps other outputs of this phase, and that they participate inShow MoreRelatedWhat Creativity Means to Me: An Opinion Essay649 Words   |  3 PagesIntroduction Creativity does not have an assigned or universally accepted definition. Thus the true nature of creativity cannot be confined to a single definition. In this text, I discuss creativity. More specifically, I concern myself with what creativity means to me and to others. What Creativity Means to Me In my opinion, creativity has got to do with the ability to come up with new things or ideas. 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