Evaluate the Application Levels of PPM Framework in Product Design and Innovation

Abstract

Today's highly belligerent production environment, it is a colossal and a continuous challenge to manufacturing industries in selecting the best-fit product with right balance of new product innovation that increases the industry value and minimize the manufacturing budget. The main purpose of this exploratory study is to evaluate and establish the application levels of PPM process frameworks which are used to select the best-fit product portfolios and project selection methods which are used for the selection of right products in the perspective of project portfolio management (PPM). This paper presents the study findings which were established based on the statistical data analysis using cumulative weighed average technique that was performed on the primary data. The primary data was collected through a pre-tested and well-structured self-administered questionnaire. The results reveal that the application intensity of process frameworks and selection methods in product design and innovations are moderate. PMI-Project Portfolio Management Process is a most widely used process framework followed by in-house process frameworks and Return on Investment and Net Present Value are most widely used methods in manufacturing firms followed by Balanced Scorecard, Weighted Scoring Model, Payback Method and Check-List Model.