As mentioned earlier the odds of failure for a new product are high. For every eleven new products in the pipeline only three enter the development phase, only 1.3 are launched and only one is successful. One way of improving the chances of those entering into development getting through to launch and then becoming successful products is to use an effective project management methodology. The majority of companies use some form of stage-gate process, the most common of which was devised by Bob Cooper in 1993, who later incorporated project selection and portfolio management into the version published in 2001 [D-8].
In a stage gate process, gates are decision points where the management team reviews progress and decides whether sufficient has been achieved and if sufficient information is available to sanction progress to the next stage. If things are not looking good they can request that more work be done prior to making a decision or they may decide to cut their losses and abandon a project. The decision to abandon should not be seen as something to be ashamed of, but indeed it should be looked at in a positive light as money saved. The stage-gate process is illustrated in Figure D9.
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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.