7-1 Discussion- Metrics for Measuring Product Development Process
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Industrial Engineering
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Dec 6, 2023
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Discussion (7-1) Metrics for Measuring Product Development Process
Hello,
The metrics that I have researches and consider most
important for measuring the development process of Haptic
Feedback technology are: Timeliness/Cycle-Time, Efficiency,
Cost-Effectiveness and profitability.
Timeliness and Cycle-Time:
These two metrics are very similar in how they measure and
they tie into the effectiveness of the measurement.
Timeliness is the ability to complete the development process
within a pre-defined time. Cycle-Time is the amount of time it
takes to complete the entire length of the process from start
to finish. It is important that we have a pre-determined
amount of time that it takes for the product to be developed
and by measuring the cycle-time, it will provide important
data as to how efficient and effective the development
process is going. If we are not meeting the development
timely through the cycle-time data, then adjustments and
corrections will be made to ensure we are completing the
development in the timeframe we have determined.
Efficiency:
Efficiency is the measurement of how quickly you can get
something done with accuracy. The saying "worker smarter,
not harder" is a great example of efficiency. In order for to put
out the haptic feedback technology, we will need to make sure
we are meeting all deliverables, especially time deliverables.
Being more efficient will allow for the products to be
developed at a faster pace, with the best possible outcomes.
Efficiency is the main driver, faster output with high accuracy
leads to meeting deadlines, which leads to higher customer
satisfaction, which then leads to higher profitability.
Cost-Effectiveness:
Cost-effectiveness is understanding how much something
costs to achieve a benefit. Meaning, how much are we putting
in versus the benefit of what we receive. If the cost of Haptic
technology is minimal and we are able to produce this
development on a large scale, with high customer satisfaction,
then the profits grow. With profits growing, then the minimal
or effective costs we are putting in will be out-weighed by the
amount of profits that are coming into the company. Being
able to do something with intelligent, cost-effective means,
will only provide benefit in the end.
Profitability:
When launching a new product in the development stage,
understanding if this item will make a profit is ultimately what
it is all about. Most organizations are not making a product
just to break even or to give it away, they all want to make
money and continue to grow. Profitability is the measurement
of Total Sales versus Total Expense. All organizations want
their total sales to greatly exceed their total expense. If you
have a great product, something that has never been
experienced before, that is being done efficiently and is turned
around at a quick pace, this leads to great business, and great
business leads to a larger consumer base, which will grow
sales, and having a cost-effective process in place allows for
sales to be much greater than the expenses being used.
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