Table report
LorraineS
report_summary_1-2.docxRunning Head: REPORT SUMMARY 1
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Report Summary:
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Product life cycle
The life cycle without necessarily having to mention the product is defined as an inter-related phase of a product, program or project that provides a business with a particular culture that can be perfectly used to govern the progress of the program or product. Generally, all programs are designed with the purpose of delivering certain objectives. The same objectives are then expressed as outcomes, outputs of benefits. The P3 life cycle that is illustrated in example of product development for pharmaceutical products comes in distinct phases that communicate the initial idea, how to develop the idea into detailed objectives and then ultimately reveal ways of delivering the said objectives.
A life cycle basically follows a high level sequence which can be expressed in numerous ways. Life cycle is different in countries and business sectors. Evidently the, looking at the example of the new product being developed, the success of the product is expected because of the efforts that have been dedicated to research. According to product management institute (2013), there is a particular guide that provides knowledge on how to ensure that the life of the product is complete and successful. The project management guide insists on the need for performing a market research in order to make proper determination of the life cycle of a product. This has been perfectly performed from the analysis of the pharmaceutical program depicted on the table.
The scope of a project and the life cycle of the same project must take into account the problems that might be envisioned during the project. Not all projects are expected to succeed, some succeed while other succumbs to the challenges in the industry and therefore taking into account the challenges that might be involved in the project is a different step. A project viability, recognizes the customer challenges, the demographic changes and the management difficulties. This project has evidently considered the function of management in the product development cycle and ensured that the difficulties that will be envisioned in the future are equally considered. Looking at the difficulties of the future enabled the management to effectively prepare for both the good and bad and be able to calculate the average total value of the same project.
At the same time, considering the total amount of the project is essential in determining how the management will seek for funds, what methods they will use to find funds for the project and who will be their financial supporters. The average output rate and the FDA review from the table shows how the management team has planned not only for the success of the business but equally success in the sustainability of the project as a whole. Borrowing from the discussion developed by Vaidyanathan (2013), project management is a process that incorporates both practice and technology and therefore one without the other might not lead to success. The average cost and the FDA review has involved basic research that fundamentally incorporates technology and practice into the product life cycle (Frank, Shin, Kim, Garg, 2004). For this reason, a detachable warrant kind of performance can perfectly be used to issue the project with financial security. This is because detachable warrants are presented with other high level forms of security that comes in the form of preferred stock or bonds that might be traded separately without any loss for both the project and the intended end users.
References;
Frank B, Shin, T. Kim, S. Garg, S. (2004). Basics of Financial Management, 3rd ed. Copley Publishing Company. Action, Mass.
Vaidyanathan, G. (2013). Project management process, technology, and practice. Upper Saddle River, NJ: Prentice Hall. ISBN 9780132807180
