Project managment strategies and product life cycle

Critical path analysis (CPA)

• product management method used to schedule efficient completion of process stages.

• CPA - analysis of the stages in a project to ensure time-efficient completion

CPA ADV, DISADV

ADV

• unecessary waiting time is identified

• parallel processing opportunities can then be exploited for max efficiency

• resource planning efficiency is improved

DIS ADV

• impossible to accurately to represent highly complex activities

• External factors may change and require management

• it relies on possibly inaccurate estimates of activity durations

CPA for manufacturing a wooden sign

Scrum (agile manufacturing)

Scrum is a teamwork based flexible, holistic product development stage where you tackle a big project in short bursts (sprints), meet daily to adapt quickly, and constantly improve based on feedback.

Scrum Setup

product owner → scrum master/project leader/project manager → developers/development team/designers

scrum ADV, DISADV

Six Sigma system

• main goal - To improve the output quality of a process by identifying and removing the causes of defects. (short time scale) 

five key value targets of Six Sigma

1. Reduction of defects

2. Reduction of process cycle time by removal of unnecessary stages and minimisation of errors

3. Reduction of pollution.

4. Reduction of costs by redesigning, simplifying and standarising components

5. Increased profit.

DMAIC

• The five phases of a Six Sigma project:
  Define
  Measure
  Analyze
  Improve
  Control

DEFINE Phase

• To define the issue, set the project's scope and key goals, and dictate the skills needed for the team.

MEASURE Phase

The extent of the issue is measured. Decision points are identified, and customer-focused factors (quality, cost, schedule) are assessed.

ANALYZE Phase

It concentrates on analyzing where the measured issues occur and how value can be added for the customer.

IMPROVE Phase

Rectification procedures are introduced. This can include Poka-yoke (error-proofing) or conducting pilot runs to optimize the process.

CONTROL Phase

To control the new procedures by embedding them, monitoring quality, checking financial returns, and keeping records for future cycles.

Poka-yoke

A method for making it impossible to carry out a process incorrectly (error-proofing).

What three things are needed for a Six Sigma project to succeed?

1. Fully committed management support.

2. Provision of sufficient resources.

3. Access to detailed statistics and data.

Six Sigma ADV, DISADV

Product life cycle (PLC)

The introduction, growth, maturity, decline, and replacement cycle of products.

main goal of planning and monitoring a Product Life Cycle (PLC)?

To maximize sales from a product's introduction to its withdrawal.

"Introduction" stage of the PLC?

product first enters the market

• Low sales and small profits.

• Large investment.

• Large expenditure on marketing.

"Growth" stage of the PLC?

development stage of a product becoming more popular

• Market share grows.

• Profitability improves.

"Maturity" stage?

the stage where sales of a product are at their greatest

• Most potential customers already own the product.

• It is the point of maximum profitability.

• Companies must plan ahead for a replacement.

"Decline/Removal" stage?

when a product becomes less popular, no longer viable to sell

• Profits fall with reduced sales.

• Further production is no longer viable (profitable).

purpose of the "Extension/Replacement" stage?

To introduce upgrades or new models to extend the product's life and boost sales again.

What is "Demand Pull"?

When product designers respond to consumer demand for new features (e.g., consumers wanting a better phone camera).

What is "Technology Push"?

When a company's research and development (R&D) leads to new ideas that they must then convince consumers to buy (e.g., the failed launch of Google Glass).

What is the common confusion around the term "Product Life Cycle"?

It is often confused with a product's environmental life cycle (sustainability and recycling), but in business, it refers to its sales cycle in the market.