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1、 New Problems New Solutions Making Portfolio Management More Effective WORKING PAPER No 9 Authors Dr Robert G Cooper Dr Scott J Edgett Dr Elko J Kleinschmidt This article was published in Research Technology Management Industrial Research Institute Inc Volume 43 Number 2 2000 A member company of the
2、 Product Development Institute 34 Stone Church Road Suite 111 Ancaster Ontario L9K 1P4 Canada 905 304 8797 Fax 905 304 8799 2000 Product Development Institute New Problems New Solutions Making Portfolio Management More Effective Copyright 2000 Product Development Institute 1 New Problems New Solutio
3、ns Making Portfolio Management More Effective There are two ways for a business to succeed at new products doing projects right and doing the right projects Most new product prescriptions focus on the first route for example on effective project management using cross functional teams and building i
4、n the voice of the customer Portfolio management the topic of this article focuses on the second route namely on doing the right projects In spite of all the hype around the topic of portfolio management and the myriad portfolio methods proposed managers have identified major problems and have raise
5、d serious concerns about the effectiveness of portfolio techniques This article reports the results of continuing research into portfolio management practices and results it highlights some of the problems and offers some tentative solutions solutions that have been witnessed in typical firms as the
6、y try to address the issue of picking the right projects see box insert Portfolio Management is Vital But Flawed Portfolio management is fundamental to successful new product development Portfolio management is about resource allocation how your business spends its capital and people resources and w
7、hich development projects it invests in Portfolio management is also about project selection ensuring that you have a steady stream of big new product winners And portfolio management is about strategy it is one method by which you operationalize your business s strategy Recent years have witnessed
8、a heightened interest in portfolio management not only in the technical community but in the CEO s office as well According to our recent survey of IRI members portfolio management has gained prominence for a number of reasons 3 Financial to maximize return on R and thus too many projects pass the h
9、urdles and are added to the active list Management seems to have difficulty discriminating between the Go Kill and Hold projects 3 Making Go Kill decisions in the absence of solid information The up front homework is often substandard in projects the result being that management is required to make
10、significant investment decisions often using very unreliable data No wonder so many of their decisions are questionable 4 Too many minor projects in the portfolio There is an absence of major revenue generators and the kinds of projects that will yield significant technical market and financial brea
11、kthroughs These four problems are clearly interlinked For example the inability to discriminate between projects invariably leads to a resource balancing problem Insufficient resources on key projects in turn results in project teams short cutting key activities Cutting corners on projects results i
12、n poor information and difficulty in making sound Go Kill decisions Inadequate resources and poor A lack of Resources for New Products A lack of Resources for New Products No Portfolio Management Process No Portfolio Management Process No New Product Process No New Product Process Too Many small low
13、 value projects Too many projects for the limited resources available Poor project prioritization failure to kill projects Poor data on projects Poor job done on projects weak market studies poor launch inadequate testing Low Impact on Sales Profits Low Impact on Sales Profits Poor Cycle Times Poor
14、Cycle Times High Failure Rates High Failure Rates Figure 2 A lack of resources no portfolio management and no new product process left are the root cause of many problems which feed on one another resulting in a downward spiral of negative effects and results New Problems New Solutions Making Portfo
15、lio Management More Effective Copyright 2000 Product Development Institute 4 information invariably leads to a tendency to do short term quick and simple projects And so the portfolio problems continue feeding one another in an endless downward spiral Figure 2 Consider each of these four challenges
16、in more detail Problem 1 Too many projects not enough resources Pipeline gridlock plagues many business s portfolios There are simply too many projects and not enough resources to do them well This is a universal complaint within product development groups everywhere The demand for more new products than ever coupled with corporate restructuring has helped to create this resource crunch One frustrated new product project leader at her company s technology conference exclaimed I don t deliberatel
