Study and Implementation of Project Management Principles in New Product Development in Automobile

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GRD Journals- Global Research and Development Journal for Engineering | Volume 6 | Issue 6 | May 2021 ISSN- 2455-5703

Study and Implementation of Project Management Principles in New Product Development in the Automobile Manufacturing Industry Akshay Bhogil Student Department of Production Engineering Veermata Jijabai Technological Institute (VJTI), Mumbai 400019

D. K. Shinde Associate Professor Department of Production Engineering Veermata Jijabai Technological Institute (VJTI), Mumbai 400019

Abstract Current market environment is more competitive to introduce new product in the market, one should always analyze levels of competitions, rapidly changing market environment, technical advancement, duration of the product life cycles. Purpose of the papers is to study and implementation of the project management principles in the new product development as, it is an important event for any organization. As new product give opportunity to stay ahead in the market many firms adopt typical practices for the development that leads to the loss of company and affects the health of the market success. Presently, successful firms start incorporating the project management practices in project which increases the success rate. Project management believes in deliberate planning which lead to the reduction in the lead time. This study investigates the typical practices adopted by the firms for new product development due to the existing problems in the past practices and thus, the project management practices effectively address the issue for new product development to complete product development in optimum time for truck manufacturing in the automobile industry. Keywords- New Product Development, Project Management, Product Life Cycle, Innovative Strategy

I. INTRODUCTION For any organization successful innovation is key driver for revenue growth, competitive margin and sustain in the market. But this innovative strategy needs to reach the market very quickly, efficiently and stand ahead from competitors in especially important. In new product development, to bring the product in the market with effectiveness requires coordination and integration among multiples cross functional areas which include not limited to product design, procurement, planning, manufacturing, sales, and marketing. In addition, an organization need to leverage core capability over other companies. To bring innovative product in market faster, smarter, and cheaper a collaborative approach needs to use which take advantage of two organizations. Every organization need to integrate and coordinate itself internally and externally with the suppliers and customers to create end to end supply chain processes and capabilities which impose differences on product and customer requirement. Today’s market environment is more competitive to introduce new product in the market with increasing levels of competitions, rapidly changing market environment, technical advancement, and duration of the product life cycles. Whatever the practices and typical method used earlier need to change. Meantime, to bring the product in the market a modern project management practices are remarkably effective. There are very few firms which uses principle of project management. All such firms are successful. By referring to the above scenario, this study focused on use of the project management practices in New Product Development (NPD). Fig. 1 below illustrates the reasons why firms develop new products and its role in the organizations.

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