Development Of NPD - Project - Engineering Assignment Help

Assignment Task

Learning Outcomes Assessed:

LO2: Describe and critically evaluate the typical activities and best practices within the various stages and sub-stages of a generic New Product/Service Development (NPD) Process

LO3: Design a customized NPD Process for a particular firm contingency

LO4: Identify and critically evaluate appropriate NPD tools and methods, and demonstrate capability in applying some in a practical situation

NOTE:

The goals of this assignment are to:

1. Develop an innovation management process based on an established framework – this is the sequential process of idea to production ramp up.
2. Evaluate and critique the stages of product development. This is a theoretical discussion AND a practical application which considers best practices in the industry and discusses how your process aligns to best practice and will contribute to the success of that stage, including the implications of a failure of the stage.
3. Critique will involve a discussion of contingency theory (contextualising the innovation process. Contingency theory relating to NPD is required for this step.
4. NPD tools – At stages you are required to identify and evaluate tools, AND apply these tools to your product and service. Not all tools will be applicable but a wide discussion of potential tools with an evaluation to determine which to apply is advised.

ASSIGNMENT INSTRUCTIONS:

This assignment requires

a. A product The product chosen must be discussed with the lecturer(s) and approved.

b. A service – this may be a service element for the product or a new service. This must be discussed with the lecturer(s) and approved.

1. Develop a new product, or, an innovation of an existing product, describe the product, evaluate the opportunity, test the market and evaluate the tools and risks.

a.Show the ideation methodology employed including the brainstorming process ( a mind map is recommended)

b. Set out the screening process used to select between new products identified or variations of the product chosen. Include your criteria (A table is recommended)

c. The product opportunity must be clearly described and explained.- why is this an opportunity (evaluation of the product opportunity).

d. Describe the product by reference to

1. Core elements
2. Augmentation

e. Competitive products must be identified

Identify current products that compete with or offer solutions to the same problem or opportunity. If there is no direct alternative there are substitutes or alternative spends. If this is totally new you need to justify that. (It is very rare so ask the lecturer)

f. Market testing process that you will employ must be set out.

Clearly identify the market testing phase including survey method, identify customer response, and reports on the results of the concept testing phase. This may be theoretical but show how you would carry this out. Refer to the target market, sample size and if this is representative.

g. Identify and evaluate two best practices for ideation and market testing. (two for each)

h. Identify the tools used for ideation, brainstorming and product opportunity evaluation. Evaluate those tools as you applied them to this product.

i. One significant risk is required to be identified in the product opportunity evaluation. It must be quantified and a risk management technique proposed for the risk. (an ordinal scale may be used)

2. Develop your product architecture

a. Identify and evaluate TWO tools used in product architecture and how they apply to this product.

b. Create the diagrams for product architecture. This must include the functional diagram as one picture, the chunking process as a second diagram, and a reasonably realistic depiction of the final product.

c. Discuss and justify your choice of integral and/or modular architecture.

d. Identify and evaluate TWO best practices for product architecture and apply to this product

e. Identify and quantify the risks relating to the choice of modular and integral architecture (an ordinal or nominal scale may be used) applicable to this product.

3. Prototyping.

(note the prototype can be a physical model or a 3D drawing. including hand drawn)

1. Provide drawings of the prototypes including Alpha, Beta and Final product. Drawings can be CAD, line, or hand drawn if this will provide sufficient detail. You are NOT expected to learn any CAD drawing for this
2. Discuss tools used to develop the Alpha and Beta prototypes and the purpose and value of each in the NPD process.
3. Provide a bill of materials for EACH prototype including quantities and source of materials.
4. Identify the manufacturing process for the porotypes. This need only be in general terms referring to materials and construction.
5. Discuss and evaluate best practices in prototype design and manufacture for NPD and consider these in terms of your product. Note that this relates only to prototyping.
6. Discuss best practice in testing the Alpha, Beta and final prototype and how you will conduct testing of these prototypes
7. Then discuss the methods you will use to test the three prototypes and the time required (this would normally include repetitions calculation but this will depend on the product chosen)
8. Identify the manufacturing process for the production version of the product you intend to employ and briefly justify this choice (this may be done by comparison with other options effectiveness or efficiency, logistically or scale or other reason).
9. Identify supply chain, regulatory, logistical or other risks associated with the prototype and Final product. Quantify and provide a risk management proposal for the risks.

4. The Services Blueprint covering the ancillary services required to enhance the overall usage and post-purchase evaluation experience for your buyers (consumer/customers/clients)

OR

Services (NPD) for a new service if approved by the lecturer.

1. Discuss and critique the process of service blueprint development and current best practices.
2. Develop a services blueprint for the new service.
3. Identify how best practices has informed the development of your blueprint.
4. Identify, quantify and propose a risk management strategy for the risks associated with the development and/or implementation of a service blueprint for this service.

5. The Financial Model and analysis

Provide a financial model in excel.

1. A basic model showing costs of prototype, costs to market, and start-up costs (these are approximations). Ensure this differentiates between porotypes, ramp up and production.
2. Projected sales value forecast for 24 months using the assumptions you made in the product opportunity evaluation and market considerations.
3. Identify your break even for the product using a basic contribution margin calculation.
4. Working capital must be calculated.
5. Using two significant criteria complete a simple sensitivity analysis to identify risks associated with this product.
6. Discuss the importance and best practices in financial modelling of New product development as start-ups including forecasting, statements and KPI’s

Note:Adherence to accounting standards is not required in the spreadsheet. This should make sense as a cash flow analysis. The final question is wider and should discuss financial modelling in general terms.

Sensitivity. Use your financial model and change TWO elements you identify as significant risks and see how these changes affect the outcome. This will give an indication of the risk in this new product. This is a simple form of sensitivity analysis and is all that is required

Market analysis should be reasonable but deep market analysis is not required. You should identify the market, the size of the overall market and your target market share to provide a justification for the sales figures projected.

6. Innovation Management

a. Discuss the principles of innovation management, best practices in innovation management and relate to the development of your product.

b. Create a table that identifies the steps your NPD. For each step and set out the issues that may arise and how these will be managed.

7. NPD CONTINENCY CUSTOMISATION

a. A particular contingency is identified. This should be substantial or more than one as necessary to demonstrate the design of a customised NPD process in response

b. A customised NPD process to deal with the identified contingency is outlined. Contingency management processes and components outlined with clearly identified mitigation strategies

8. References and presentation

a. Appropriate references includes

• academic references
• “white papers” or reports
• Examples drawn from real world examples.

b. Report is well written and logical.

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