What is project management for product development?
Project management is the methodology used for project planning, execution, and closing. Project managers will use previous project experience to make time estimations, budget calculations, and track schedules to ensure the project is completed on time and within budget.
What is a stage-gate method? How to use it in product development?
A stage-gate method is a common project management method for new product development. The stage-gate method requires project managers to divide the whole development process into several phases. A review and approval spot will be used as a gate to separate each phase.
Why stage gate method can benefit project management?
Using the stage-gate method, a project manager can develop a timetable that outlines start and end dates and milestones that must be met for the project to be completed on time. The completion time of a gate can show whether the engineering process is delayed or ahead of schedule. Also, using the stage-gate method, each engineering task will get proper review and approval, which can improve execution efficiency and customer satisfaction.
Below is modified R&D flow chart with added stage and gate in it.