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Measuring Speed-to-Market Matters
- Measuring Speed-to-Market is a pre-requisite for managing Speed-to-Market.
- You must have clear definitions for the critical time points of a project
- These include, but are not limited to, project start and project end
- Ensure they are applied consistently.
- There are many ways to define the critical time points of a project, so it is important to select definitions that are appropriate for:
- your business; and,
- the types of product development projects you undertake.
- The following are examples provided for illustration:
- Project start – the project starts when funding is provided, or when the team is assigned.
- Project end – The project is completed when it is sent to manufacturing, or a formal product launch is complete and it is ready for sale, or when the product development team is disbanded.
- Use the same definitions of the start and the end of a project over time
- This is so that changes in the product development processes can be evaluated.
- While all projects should be measured by the same criteria it is important to recognize that you should not compare measures for dissimilar project types.
- For example, you should not compare a brand-new product that requires creation of new material or new technology to a change in an existing product that going to be introduced to a new market with a different format.
- Beyond these more obvious measurements you should consider what else may need to be measured.
- Consider measuring anything that takes time or could impact the time it takes to complete a project.
- Examples are:
- Project delays
- Effect of work schedules and or worker holidays
- The number of projects each team member is working on
- Availability of materials and equipment
- Communication and decision-making