scholarly journals Open Challenges and Research Roadmap: Visual Representations aiding Organizational Leadership in Decision Making for New Product Development at the Early Innovation Stage

2022 ◽  
Author(s):  
Manojkumar Parmar ◽  
Anna Provodnikova
Keyword(s):  
Decision Making ◽  
Product Development ◽  
New Product Development ◽  
Management Practices ◽  
Fundamental Problem ◽  
Visual Representation ◽  
Visual Representations ◽  
New Product ◽  
Strategic Decision ◽  
Research Questions

Innovation is a cornerstone for an organization’s survival and success in the global competitive landscape in the VUCA world. The New Product Development (NPD) process is a crucial part of the portfolio and Innovation Management (IM) process. The leadership of an organization has a disproportionate impact on the outcome of innovation activities. Their involvement in IM and NPD is critical for success, considering they make strategic decisions to allocate resources for business growth. The leadership team demands a holistic picture of ideas before making decisions at early stages. The leadership challenge in decision making is that they have a limited time to make decisions by understanding many related aspects and insights quickly. The visual approaches have been vital in management practices to understand the situation and aid in decision-making by supporting cognitive processes. The fundamental problem in using visual representation is hidden expectations of leadership teams to represent needed elements to aid in strategic decision-making by leadership at the early stage of innovation. Also, the configuration of elements and interplay is another issue. The core challenge lies in understanding the effectiveness of currently used visual representations and then improving them by identifying needed elements and their configuration and placement in the visual representation. The paper takes literature review, expert interviews, and brainstorming approaches to distill the challenges to the concrete research questions and objectives. Providing solutions to the open research questions and challenges can significantly enhance the quality and speed of innovation-related decision-making.

scholarly journals Open Challenges and Research Roadmap: Visual Representations aiding Organizational Leadership in Decision Making for New Product Development at the Early Innovation Stage

2022 ◽  
Author(s):  
Manojkumar Parmar ◽  
Anna Provodnikova
Keyword(s):  
Decision Making ◽  
Product Development ◽  
New Product Development ◽  
Management Practices ◽  
Fundamental Problem ◽  
Visual Representation ◽  
Visual Representations ◽  
New Product ◽  
Strategic Decision ◽  
Research Questions

Innovation is a cornerstone for an organization’s survival and success in the global competitive landscape in the VUCA world. The New Product Development (NPD) process is a crucial part of the portfolio and Innovation Management (IM) process. The leadership of an organization has a disproportionate impact on the outcome of innovation activities. Their involvement in IM and NPD is critical for success, considering they make strategic decisions to allocate resources for business growth. The leadership team demands a holistic picture of ideas before making decisions at early stages. The leadership challenge in decision making is that they have a limited time to make decisions by understanding many related aspects and insights quickly. The visual approaches have been vital in management practices to understand the situation and aid in decision-making by supporting cognitive processes. The fundamental problem in using visual representation is hidden expectations of leadership teams to represent needed elements to aid in strategic decision-making by leadership at the early stage of innovation. Also, the configuration of elements and interplay is another issue. The core challenge lies in understanding the effectiveness of currently used visual representations and then improving them by identifying needed elements and their configuration and placement in the visual representation. The paper takes literature review, expert interviews, and brainstorming approaches to distill the challenges to the concrete research questions and objectives. Providing solutions to the open research questions and challenges can significantly enhance the quality and speed of innovation-related decision-making.

Entrepreneurial Bricolage and New Product Development Performance in New Ventures: The Contingent Effects of Founding Team Involvement

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Xinchun Wang ◽  
Xiaoyu Yu ◽  
Xiaotong Meng
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Resource Constraints ◽  
New Ventures ◽  
New Products ◽  
New Product ◽  
Strategic Decision ◽  
Entrepreneurial Bricolage ◽  
Founding Team ◽  
Npd Performance

Abstract New product development (NPD) performance is a key determinant of a new venture’s success. However, compared with established firms, new ventures often suffer from resource constraints when developing new products. Entrepreneurial bricolage is reported in the literature as an alternative strategic option that enables managers to overcome resource constraints when developing new products. However, because new ventures are often founded by an entrepreneurial team, the effectiveness and efficiency of using bricolage to improve NPD performance might be contingent on how the founding team plays its roles in this process. Using data from 323 new ventures in China, we find support for the critical role of entrepreneurial bricolage in improving NPD success under resource constraints. More importantly, our results reveal that the bricolage strategy is more likely to benefit a venture when the founding team is composed of members with diverse functional backgrounds and is not heavily involved in strategic decision-making.

A new fuzzy decision-making approach for selecting new product development project

2016 ◽  
Vol 24 (3) ◽  
pp. 240-250 ◽  
Author(s):  
Chiu-Chi Wei ◽  
Agus Andria ◽  
Houn-Wen Xiao ◽  
Chiou-Shuei Wei ◽  
Ting-Chang Lai
Keyword(s):  
Decision Making ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
Development Project ◽  
Fuzzy Decision Making ◽  
Fuzzy Decision ◽  
Product Development Project

scholarly journals Product Portfolio Management: An Important Business Strategy

2015 ◽  
Vol 7 (1) ◽  
pp. 29-36 ◽  
Author(s):  
Mishelle Doorasamy
Keyword(s):  
Decision Making ◽  
Product Development ◽  
New Product Development ◽  
Portfolio Management ◽  
Business Strategy ◽  
New Product ◽  
Product Portfolio ◽  
Historical Developments ◽  
Statistical Trends ◽  
The Relationship

Abstract The aim of this article is to provide reader with a comprehensive insight on the theories, empirical findings and models of Product Portfolio Management (PPM) during new product development. This article will allow for an in-depth theoretical approach on PPM and demonstrate to managers the importance of adopting PPM as business strategy during decision making. The objective of this paper is to present a literature review of models, theories, approaches and findings on the relationship between Product Portfolio Management and new product development. Relevant statistical trends, historical developments, published opinion of major writers in this field will be presented to provide concrete evidence of the problem being discussed.

Application of Statistical Analysis Tools and Concepts to Big Data and Predictive Analytics to New Product Development

2020 ◽  
Vol 3 (1) ◽  
pp. 17-35
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Big Data ◽  
Data Analysis ◽  
Product Development ◽  
Competitive Advantage ◽  
New Product Development ◽  
New Product ◽  
Big Data Analysis ◽  
Life Cycles ◽  
The Impact

In today's fiercely competitive environment, most companies face the pressure of shorter product life cycles. Therefore, if companies want to maintain a competitive advantage in the market, they need to keep innovating and developing new products. If not, then they will face difficulties in developing and expanding markets and may go out of business. New product development is the key content of enterprise research and development, and it is also one of the strategic cores for enterprise survival and development. The success of new product development plays a decisive role both in the development of the company and in maintaining a competitive advantage in the industry. Since the beginning of the 21st century, with the continuous innovation and development of Internet technology, the era of big data has arrived. In the era of big data, enterprises' decision-making for new product development no longer solely relies on the experience of decision-makers; it is based on the results of big data analysis for more accurate and effective decisions. In this thesis, the case analysis is mainly carried out with Company A as an example. Also, it mainly introduces the decision made by Company A in the actual operation of new product development, which is based on the results of big data analysis from decision-making to decision-making innovation. The choice of decision-making is described in detail. Through the introduction of the case, the impact of big data on the decision-making process for new product development was explored. In the era of big data, it provides a new theoretical approach to new product development decision-making.

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