Posted: June 17th, 2022

Project for the Development of a New Product in the Company

Project for the Development of a New Product in the Company
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Project for the Development of a New Product in the Company
My company deals with manufacturing and selling of cotton products (Clothes). For years, it has been known for the manufacturing of one particular product. Due to high competition in the market, there is a need to diversify and develop a tendency to produce multiple products. Also, the production of more than one product will enable the company to gain a competitive advantage. Therefore, the company management selected a team of ten members to develop a new product. Our team decided to go for a product already existing in the market (Lather products such as shoes), which our business has never produced or sold. The team chose this product due to the customer reference. The product was highly selling in the market.
Methods and Metrics for the Product Development
The team decided to employ the waterfall method in the production of the new product. The method will use a linear tactic to deliver projects in stages. The method was chosen because the project needs are clearly defined, and changes during the project are limited (Pedersen, 2013). The company’s new product will be developed successively. The team leader clearly described the objectives of every project phase, and the team was expected to deliver a permanent work scope at the end of the project. The metrics chosen are the monthly recurring revenue, where the month’s total revenue of the product will be measured. Studies have proven that projects are always completed faster when they are well organized and when fewer activities are happening (Pedersen, 2013). Therefore, the method will shorten the completion time.
Process Changes
Different processes will be involved during the production of the new product (shoes). The key stages involved in the production process include idea generation, product development, and product testing. The idea generated by the team was to produce and improve a product that already exists in the market (Karniel & Reich, 2011). However, the product will be entirely new for the company. The suggested product will be improved to enhance its uniqueness in the market. To successfully achieve the improvement process of the product, the team will have to do comprehensive research on the product and identify what can be added to make it better. The last stage will be the testing of the product before introducing it to the market.
Specific Collaborations Needed to Improve the Relationship
The project team will have to partner with different stakeholders to ensure the success of the project. They will perform comprehensive research on the product determining the customer preference. As a result, the customer-company relationship will be significantly enhanced. Also, the team will have to partner with different vendors to ensure a constant supply of the raw material to manufacture the new product.
Measurement for the Improvement Performance of the New Product
The performance and success of the developed product will be measured depending on the complexity, compatibility, and relative advantage. Complexity is the level of difficulty in understanding and using the product (Silvério, Trabasso, & Pessôa, 2020). The team will make the new product to be less complex to attract many users. The new product will be made so that it is consistent with the existing processes, products, and technologies, to enhance its compatibility.
Ethical and Environmental Obligations
Several ethical and environmental factors will be put into consideration before the approval of the new product. The methods used in the production of the new product must be risk-free and environmentally friendly. Therefore, the team will employ production methods that do not put the workers at risk and have minor pollution effects.

References
Karniel, A., & Reich, Y. (2011). Managing the dynamics of new product development processes: a new product lifecycle management paradigm. Springer Science & Business Media.
Pedersen, M. (2013). A quantitative examination of critical success factors comparing agile and waterfall project management methodologies (Doctoral dissertation, Capella University).
Silvério, L., Trabasso, L. G., & Pessôa, M. V. P. (2020, May). Performance Measurement and Improvement of Lean Manufacturing Operations: A Leanness Assessment Literature Review for the Product Development Industry. In IOP Conference Series: Materials Science and Engineering (Vol. 859, No. 1, p. 012017). IOP Publishing.

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