Product feasibility and project plan

From the detailed knowledge, a more quantitative comparison can be made of the ideas for the new product. The consumer study gives in the product concept a comprehensive description of the product characteristics wanted by the target consumers who are more clearly identified. The market research gives an indication of the probable sales of the product, the position of the product in the market, the possible prices, promotion and market channels. The technical study describes the possible products, processes and the probable costs and time for development and production. By a qualitative evaluation of the suitability of the product concepts and a quantitative estimation of the profits and costs ratio, and by predictions of the probabilities of successful development and launching, the most suitable product concepts for development can be selected.

The various activities needed for the project are firstly developed in the outcomes and then in the building of the product design specification. They are all brought together and integrated in the operational plan for directing and controlling the project. For the plan:

• list all the major activities;

• place them in a logical sequence, noting activities that run in sequence, in parallel, and those that need to be integrated (project logic flow plan);

• time each activity from start to finish (project scheduling plan);

• identify the money, resource needs, personnel, for each activity (project resource plan);

• identify activities that are critical for time and resources (critical path network).

Review the network so that it meets the required launch date and is within the resources designated for the project (project operational plan).

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