Read Now Exploratory Product Development: Executive Version: Adaptable Product Development in a Changing World MOBI
This executive version of Exploratory PD® (ExPD) examines the organizational constraints imposed by a standard phased-and-gated product development process. ExPD differs from the traditional phased-and-gated process in its fundamental redesign of the development process to reduce uncertainties and risks. It is an adaptive approach that responds quickly to changes in uncertain, fast-changing and increasingly complex environments.When companies try to maintain a traditional phased-and-gated process in a changing environment, the product development team is unable to manage the scope, timeline, and budget approved at the outset. The result usually includes changing product requirements, unexpected problems, rework, schedule delays, breaking the budget and commercial failure.The product development team needs an approach that allows them to adapt to change in customer needs, markets, competition, technology and more. ExPD helps project teams identify, evaluate, and prioritize uncertainties and risks throughout a project. It then helps the team determine how and when to resolve the uncertainty or when it is appropriate to kill a project. Out of this process, the authors developed the Business Fit Framework® (BFF) software tool that helps project teams to identify, evaluate and prioritize the most impactful product uncertainties and risks. As well as, tracking and resolving these risks. The authors received an NSF STEM, I-Corp Grant through the University of Chicago for the BFF. This grant enabled the authors to conduct further research on the topic of uncertainty and risk in product development, and how mid to large-cap companies currently cope with it.Within this ExPD executive version, we look at the lessons of the Manhattan Project, a highly successful historical project. We discuss the three major components of the ExPD process: 1. Strategy, 2. Ideas & Selection, 3. Explore & Create. We then provide a case study to illustrate the ExPD process in practice.
