It is very important at this stage to identify what could be major failures. From the top management's identification of the necessary outcomes from the innovation strategy, the requirements of the product mix development and from previous measures used by the company in measuring success in past projects, the team needs to develop a group of measures for those product areas (see Chapter 1 for possible measures of success/failure). They can be quantitative, such as meeting certain sales revenues or profits, product costs, project costs, time for development or time to build sales. They can be qualitative, such as developing a unique or superior product; achieving the quality of execution of the technological activities in development, production and marketing; attractiveness to the market.
For high-level innovation it is important at this time to study the synergy between:
• product and the market;
• technical needs of the project and the company's development, engineering and production resources and skills;
• marketing needs of the project and the company's marketing skills and resources.
The prediction of success at this stage has a wide range of probabilities and is mainly subjective. But it is important that doubtful projects are sent back to the previous decision makers and not carried forward into the later stages. It is important that they are not completely dropped as decisions may be made with insufficient information and sometimes even wrong information.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.