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Product Development Charter

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Product Development Charter

  1. 1. Product Development CharterPurposeUse 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 thatis directly related to the product development project.This template has been pre-populated with an example of what a product developmentcharter might look like. Change, delete, or add to the example as required. Also, theProduct Manager will for all intents and purposes serve as the ‘project manager’ forproduct development projects.
  2. 2. [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:
  3. 3. 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
  4. 4. 1 – Project OverviewThe following table includes basic information that is associated with the productdevelopment project. Please contact the product manager with any additional questions orcomments.Project Title New Product XYZProject Sponsor VP of Product DevelopmentProduct Manager Product ManagerProduct Manager (Email) janedoe@abc-company.com; (phone) 1-555-555-5555Contact Information Director of Marketing Director of EngineeringProject Team Members Director of Sales Customer Service Manager OtherProject Start Date October 1, 20122 - Project Description2.1 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
  5. 5.  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 & Improvement2.4 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
  6. 6.  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 Analysis2.5 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
  7. 7.  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 issues3 – Key Success FactorsWhat are the key success factors for the project (i.e. the factors that are a necessarycondition for success of the project)?  Committed team members  Adequate resource allocation  Adequate project time allowance  Tolerance for intangible benefitsHow 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
  8. 8. 4 – Risk IdentificationWhat 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 affectthe success of the project).The following are a few examples of some of the risks the project may experience during anew product development process. Add and delete rows and examples as they fit to theorganization.Risk Category Probability Risk Mitigation StrategyProject Team High Competing resources  Ensure personnel have clearAvailability 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 withRequirements 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 customerServicing may be allocated to service responsibilities withCustomers 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.
  9. 9. 5 – Project StakeholdersProject stakeholders are all of the people who have a vested interest in the project, yet arenot 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>
  10. 10. 6 – Communication PlanProvide an outline of the high-level communications plan. Specific dates are not required.Stakeholder Frequency Method PurposeProduct Manager Weekly E-mail update  Discuss project progress, issues, etc.  Preliminary metrics and evaluations.  Rating relative effectiveness.Product Manager, Monthly Meeting  Provide complete projectStakeholders update.  Get feedback from the team.  Adjust strategy as necessary.Product Manager, Quarterly Meeting  Outline wins and statisticsStakeholders, Project from the previous quarter.Sponsor  Review roadblocks and workarounds.  Evaluate resource allocation.  Plan for continued initiative.7 – Decision RightsTo support the timeline of the project and respect executive time, the project manager hasdecided 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.
  11. 11. 8 – Approval___________________________________ _______________________________ Project Approver Signature Date___________________________________ _______________________________ Project Sponsor Signature Date___________________________________ _______________________________ Product Manager Signature Date