Here is how you can carry out Product Analysis in Project management…
Product Analysis is an evaluation of the Project ‘s end product and what it will take to create the product. It is meant to translate the project objectives into tangible deliverables and requirements.
It has to do with techniques such as product breakdown requirement analysis, system engineering, system analysis, value engineering as well as value analysis. Follow me as we look at some of this together.
#1 Functional analysis
This has to do with analysing all that a product is going to do, including primary and other related functions that the product will be able to do. It is meant to identify unnecessary functions that may drive up the cost of a project. It is also meant to avoid repetition of functions in a project.
#2 Value engineering and analysis
This is used to identify and develop the cost versus benefit ratio for each function of a product. You are asking yourself if it reasonable to spend a particular amount to get a particular product function.
It is a method of controlling cost while maintaining performance and quality standards. This method is always adopted in military and construction projects.
#3 Quality function deployment
There is the need to identify what the customers’ need is and translating those needs into technical requirements. This method can be adopted at every stage of the product development cycle.
#4 System Engineering
This is meant to analyse products holistically and integrate some functions such as users, usage environment and related hardware or software, with which the product must function.
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