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Product Development Charter by demandmetric

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The purpose of this tool is to facilitate the development of a Product Development Charter. A Product Development Charter is a helpful tool for communicating proposed Product details and making resource allocation decisions.

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									Product Development Charter
Purpose

Use the Product Development Charter to establish a clear project scope, decision rights,
and executive sponsorship for the project. Be sure to customize this template accordingly.
When required, delete the sample text provided and fill in the blanks with information that
is directly related to the product development project.


This template has been pre-populated with an example of what a product development
charter might look like. Change, delete, or add to the example as required. Also, the
Product Manager will for all intents and purposes serve as the ‘project manager’ for
product development projects.
                                   [Project Name]


                         Product Development Charter

                                              By


                                 [Enter Name Here]


                                              For


                                 [Enter Name Here]




Effective Date:
Document Owner:
Version:
Version Date Revision / Description Author:
Approval:
Approver Title:
Approval Date:
Table of Contents                                  Page


  1. Project Overview                              3


  2. Project Description                           3

    2.1 Project Purpose
    2.2 Background
    2.3   Project   Scope
    2.4   Project   Deliverables
    2.5   Project   Timeframe
    2.6   Project   Resources & Responsibilities



  3. Key Success Factors                           6


  4. Risk Identification                           7


  5. Project Stakeholders                          8


  6. Communication Plan                            9


  7. Decision Rights                               9

  8. Approval                                      10
1 – Project Overview

The following table includes basic information that is associated with the product
development project. Please contact the product manager with any additional questions or
comments.

Project Title            New Product XYZ

Project Sponsor          VP of Product Development

Product Manager          Product Manager

Product Manager
                         (Email) janedoe@abc-company.com; (phone) 1-555-555-5555
Contact Information

                         Director of Marketing
                         Director of Engineering
Project Team Members     Director of Sales
                         Customer Service Manager
                         Other

Project Start Date       October 1, 2012




2 - Project Description

2.1 Project Purpose      Provide a brief description of the product that you would like to
                         develop or enhance. Outline the key market problems and needs that
                         you have identified that this product will address.

                         Document the benefits for each of the key user personas:

                             1. End User
                                 Makes life easier
                                 Eliminates frustration
                                 Etc.

                             2. Economic Buyer
                                 Provides a cost-savings
                                   Will generate clear ROI
                                   Etc.

                              3. Technical Evaluator
                                  Solution ‘fits’ environment
                                  No security issues
                                  Etc.

2.2 Background             Provide any background information that would be needed to make a
                           decision to move forward with this project. This may include market
                           research, technical definitions, or any other relevant details.

2.3 Project Scope          Document what is in scope for this project and explicitly state what is
                           not in scope. If you are planning on a phased approach, provide a
                           summary of what each phase will look like from your perspective. You
                           will find a brief example below:

                           The scope for this New Product Development includes:

                                 Identifying market needs from potential buyers
                                 Translating market needs into product features/requirements
                                 Developing a business case to support the decision to move
                                  forward with the development of the product
                                 Launching and promotion of the new product
                                 Measuring the success of the new product introduction

                           It is understood that the project will unfold in three phases:

                              1. Planning
                              2. Execution & Launch
                              3. Measurement & Improvement

2.4 Project Deliverables   1. Planning Phase
                                  Market Research Report
                                  Market Segmentation & Sizing
                                  Customer Profiles
                                  Market Requirements Document
                                  SWOT Analysis
                                  Product Features Prioritization
                                  Break Even Analysis
                                  Competitive Analysis
                                  Product Positioning Statement
                                  Product Development Portfolio Prioritization
                                  Product Development Budget
                                  Product Development Business Case

                        2. Execution & Launch Phase
                               Product Roadmap
                               Product Launch Plan
                               Product Launch Checklist

                        3. Measurement & Improvement Phase
                              Post Project Evaluation
                              Win/Loss Analysis



2.5 Project Timeframe   Start date: October 1, 2012

                        Estimated end date: The first version of this product will be targeted at
                        launching in Q3 2012.

2.6 Project Resources   Include roles, responsibilities for each project team member:
and Responsibilities
                            1. Product Manager
                                   Oversee product marketing & resource allocation
                                   Collect and report on market research
                                   Establish product features & requirements
                                   Development of business case
                                   Interfacing with Engineering group
                                   Develop strategies for promotion & distribution
                                   Create sales training and reference guides
                                   Manage product launch process
                                   Harvest customer insight

                            2. VP of Product Development
                                   Project approval and executive representation

                            3. Director of Engineering
                                   Translate customer requirements into product features
                                      and technical specifications
                                   Development of proto-types and samples
                                   Work with beta-customers
                                   Maintain a product roadmap and budget

                            4. Director of Marketing
                                   Ensure consistent messaging in promotions
                                          Provide insight regarding production positioning
                                          Contribute to project with competitive analysis
                                          Facilitate development of user personas and customer
                                           profiles
                                          Define key market segments and estimated market sizes

                               5. Customer Service Manager
                                      Establish customer service goals and processes to be
                                        used when interacting with customers
                                      Definition of service level agreement
                                      Provide response mechanism and personnel to respond
                                        to customer requests and issues




3 – Key Success Factors

What are the key success factors for the project (i.e. the factors that are a necessary
condition for success of the project)?


      Committed team members

      Adequate resource allocation

      Adequate project time allowance

      Tolerance for intangible benefits


How will success be measured? (Insert KPIs Here)


      Number of beta-customers

      Product sales

      Win/Loss ratio

      Customer feedback

      Successful implementation and use of development tools

      Adherence to service level agreement while attaining objectives
4 – Risk Identification

What are some of the risks that may be encountered during the project? Indicate high-
level mitigation strategies. (Note: A risk is defined as anything that could potentially affect
the success of the project).


The following are a few examples of some of the risks the project may experience during a
new product development process. Add and delete rows and examples as they fit to the
organization.



Risk Category       Probability     Risk                        Mitigation Strategy
Project Team             High       Competing resources            Ensure personnel have clear
Availability                        when implementing a             directives and are fully
                                    multi-department                committed to the project
                                    project can jeopardize          before it gets underway
                                    program success.

Stability of             High       Evolving business needs        Clarify expectations with
Requirements                        could mean rapid change         project owners (sales,
                                    to requirements and on-         marketing, customer service
                                    the-fly adaptation.             and front-line staff)

Lack of Adoption       Medium       Response time is critical      Ensure staff is equipped with
                                    to achieving objectives,        adequate monitoring tools
                                    particularly in customer        and know how to use them.
                                    service.
                                                                   Develop process for issue
                                                                    escalation as required.

Increased Cost of        Low        Additional resources           Augment existing customer
Servicing                           may be allocated to             service responsibilities with
Customers                           product marketing               new product requests.
                                    campaigns without
                                                                   If a dedicated resource is not
                                    seeing immediate ROI.
                                                                    available, dedicate a specific
                                                                    amount of time per employee
                                                                    to be spent addressing
                                                                    customer concerns and
                                                                    create knowledge database
                                                                    with FAQs.
5 – Project Stakeholders

Project stakeholders are all of the people who have a vested interest in the project, yet are
not involved in the day-to-day operations of the project.


 Stakeholder Name         Role                  Project Responsibilities
                                                Defining and evaluating strategy, identifying
                                                market needs, communicating with other team
 John Doe                 Product Manager       members and stakeholders, obtaining metrics
                                                and compiling weekly reports on project status,
                                                conducting meetings.

                                                Project approval, negotiating for resources,
 Suzie Wong               Project Sponsor       reviewing reports, attending quarterly
                                                meetings.

                                                Defining and enforcing marketing strategy,
                                                monitoring activities for compliance with
 Carlos Lee               Director, Marketing
                                                messaging, reviewing reports, attending
                                                monthly meetings.

                                                Ensuring adequate IT resources are available for
                                                the duration of the project, providing
 Paul Templeton           Director, IT          technology support, managing security, privacy,
                                                archival of content, attending quarterly
                                                meetings.

                                                Defining and promoting integrated sales tactics,
                          Director, Sales       providing coaching on selling new product,
                                                reviewing reports, attending monthly meetings.

                                                Defining and enforcing customer service
                          Customer Service
                                                strategy and service level agreement, reviewing
                          Manager
                                                reports, attending monthly meetings.

                          Other                 <Enter Text Here>
6 – Communication Plan

Provide an outline of the high-level communications plan. Specific dates are not required.


Stakeholder               Frequency          Method         Purpose
Product Manager             Weekly         E-mail update       Discuss project progress,
                                                                issues, etc.
                                                               Preliminary metrics and
                                                                evaluations.
                                                               Rating relative effectiveness.

Product Manager,           Monthly            Meeting          Provide complete project
Stakeholders                                                    update.
                                                               Get feedback from the team.
                                                               Adjust strategy as necessary.

Product Manager,           Quarterly          Meeting          Outline wins and statistics
Stakeholders, Project                                           from the previous quarter.
Sponsor
                                                               Review roadblocks and
                                                                workarounds.
                                                               Evaluate resource allocation.
                                                               Plan for continued initiative.




7 – Decision Rights

To support the timeline of the project and respect executive time, the project manager has
decided on the following decision rights procedure:


   1. Any e-mail or voicemail sent to the project sponsor that requires a go or no-go
      decision will specify a decision date or time within reasonable limits.
   2. A non-answer from the project sponsor by the specified date or time will imply
      approval and the project may continue.
   3. If the project sponsor does not agree or requires further clarification, he/she must
      contact the project manager within the specified timeline.
8 – Approval


___________________________________   _______________________________
    Project Approver Signature                    Date



___________________________________   _______________________________
     Project Sponsor Signature                    Date



___________________________________   _______________________________
     Product Manager Signature                           Date

								
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