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In some industries, it is essential for survival to have a product pipeline. It is estimated that out of every 5000 new discoveries in the industry, only one to five get approved for human use, meaning firms must constantly be looking for new drugs to extend its product pipeline and ensure it has a product on the market providing income. [8]
There are three major sub-components to pipeline management: ideation, work intake processes, and Phase-Gate reviews. [4] Fundamental to pipeline management is the ability to align the decision-making process for estimating and selecting new capital investment projects with the strategic plan.
3. Better Productivity. Project management is important because it ensures there’s a proper plan that outlines a clear focus and objectives to allow the team to execute on strategic goals.
John Storck, a former instructor of the American Management Association's "Basic Project Management" course, used a pair of triangles called triangle outer and triangle inner to represent the concept that the intent of a project is to complete on or before the allowed time, on or under budget, and to meet or exceed the required scope. The ...
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