Explain the major benefits of a development project for managing technology and innovation. Provide an example of a situation in which a development project might be turned into a source of competitive advantage.
What will be an ideal response?
Answer: Student answers and examples will vary but should demonstrate accurate knowledge of development projects and explore a situation in which a development project might be turned into a source of competitive advantage. A powerful tool for managing technology and innovations is the development project: a focused organizational effort to create a new product or process via technological advances.
Development projects typically feature a special cross-functional team working together on an overall concept or idea. The development teams interact frequently with suppliers and customers, complicating their work but strengthening the final product. Due to urgency and strategic importance, most development teams work under intense time pressures.
Development projects have multiple benefits. They create new products and processes, plus cultivate skills and knowledge useful for future endeavors. Thus, the capabilities that companies gain from development projects frequently can be turned into a source of competitive advantage. Organizational learning is a useful criterion for evaluating project benefits.
To achieve their full potential benefit, development projects should build on core capabilities; have a guiding vision about what must be accomplished and why; have a committed team; strive for continuous improvement; and ensure integrated, coordinated efforts across all units.
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