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The product flow diagram (PFD) is a representation of the order by which a sequence of products is created according to product-based planning principles. It is related to the product breakdown structure (PBS). The product flow diagram is a prescribed activity of the PRINCE2 project management methodology which mandates the use of product-based ...
When combining the activities with the concepts of the product structure model it will result in a process-data diagram. This diagram displays the steps which need to be taken within the process of product structure modeling together with the deliverables, at the right side, which are outcomes of these activities.
In project management under the PRINCE2 methodology, a product breakdown structure (PBS) is a tool for analysing, documenting and communicating the outcomes of a project, and forms part of the product based planning technique.
Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.
Software product management (sometimes referred to as digital product management or just product management depending on the context) is the discipline of building, implementing and managing digital products, taking into account life cycle, user interface and user experience design, use cases, and user audience.
Product-based planning is a fundamental part of the PRINCE2 approach to project management, and is a method of identifying all of the products (project deliverables) that make up or contribute to delivering the objectives of the project, and the associated work required to deliver them. The documents which define the Project itself are also ...
Product life cycle plays an important role in marketing. The first reason is that the managers will follow the four stages to make product plans for pushing out new products. Secondly, the level and growth of sales will change a lot during the four stages so the managers need to adjust the product plan appropriately and timely.
The Hayes-Wheelwright matrix is a four-stage model; each stage is characterized by the management strategy implemented to exploit the manufacturing potential. In stage 1, the production process is flexible and high cost, and becomes increasingly standardize, mechanized, and automated, resulting in an inflexible and cost-efficient process.