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Portfolio Management for New Products: Picking the Winners

Robert G. Cooper and Scott J. Edgett

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New product portfolio management is about how you invest your business's product development resources - project prioritization and allocating resources across development projects. There are four goals in portfolio management - maximizing the value of the portfolio, seeking the right balance of projects, ensuring that your portfolio is strategically aligned, and making sure you don't have too many projects for your limited resources. And there are many tools - some quantitative, others graphical, some strategic - designed to help you chose the right portfolio of projects. Most important, your new product process or Stage-Gate system must be working in order to achieve effective portfolio management: it must deliver data integrity and also weed out the bad projects early.