241 New Product Development
Why do some companies consistently outperform other companies in developing successful new products and services? Why do so many new products fail in the marketplace?
This course introduces students to the major activities involved in developing new hardware or software products and services. Emphasis is on learning practical skills and techniques that can help students be successful in a product development environment. Students will learn how to:
- Understand customer and user needs, and translate them into meaningful product concepts
- Manage product development programs and teams across multiple functions
- Plan product platforms for maximum engineering leverage
- Do financial analysis of programs and make economic tradeoffs in the development effort
- Choose product development methodologies appropriate for the business and products
The core of the course is a team project where students identify a new product opportunity and engage in many of the above activities. They will talk to potential customers to identify customer needs, develop multiple product concepts, and create a business plan for the product. In the past, some student teams have continued their product development after the class. Guest lecturers from industry will relate their experiences with software development, customer and user needs development, and transitioning products into Operations.
This class is useful for students either currently working in or contemplating a career in Development Engineering, Product Management, Program Management, or Operations Management.