Portfolio management ensures that the collection of product innovation projects is aligned with strategy and resource availability. In this chapter, we further define the relationship of the product innovation portfolio to the overall business strategy. The types of projects that can be included in the portfolio are discussed, together with criteria and methods that are commonly used to select projects to achieve a desired portfolio balance.
Some of the practical issues in implementing portfolio management are highlighted, together with suggested strategies to address these issues.
THE CHAPTER ROADMAP
The corporate strategy or business strategy, and, in turn, the innovation strategy, are prerequisites of portfolio management. In both its development and ongoing maintenance, an organization's product portfolio invariably has a set of projects competing for resources and investment. Portfolio management is an essential tool, informed by the innovation strategy, that ensures the right prioritization and balance of product innovation and product management projects.
3.1 WHAT IS A PRODUCT INNOVATION PORTFOLIO?
Let's begin our understanding of a product ...
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