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New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design.
This is an example of the product-based approach (which might be end-product or deliverable or work-based), as compared to phased approach (which might be gated stages in a formal Systems development life cycle), or forced events (e.g. quarterly updates or a fiscal year rebudgeting), or a skills/roles based approach.
In project management under the PRINCE2 methodology, a product breakdown structure (PBS) is a tool for analysing, documenting and communicating the outcomes of a project, and forms part of the product based planning technique.
These projects offer significant improvements in cost, quality, and performance. Platforms are created to meet the needs of a core group of customers changing more than one aspect of a product or service; while derivatives normally only change one aspect of a product or service. Examples: new car models. Microprocessor
Product-based planning is a structured approach to project management, based on identifying all of the products (project deliverables) that contribute to achieving the project objectives. As such, it defines a successful project as output-oriented rather than activity- or task-oriented. [ 35 ]
A mature product may possess a greater or lesser degree of readiness for use in a particular system context than one of lower maturity; Numerous factors must be considered, including the relevance of the products' operational environment to the system at hand, as well as the product-system architectural mismatch
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