Selecting Winning New Product Projects: Using the NewProd System

Separating probable winners from probable losers is the goal of the new product screening task, and Professor Robert G. Cooper has developed a model that does this with remarkable success. In this article, he reviews various approaches to new product screening and then presents the basics of the NewProd model. NewProd now has a history of use in industry that seems to be fulfilling its original research promise. Professor Cooper shows how managers can build their own screening models and outlines how such models can contribute in an important way to better new product selection decisions. Over the years, Professor Cooper has conducted a series of major research projects that have aimed at improvements in the new product process. Their hallmark has been managerial relevance and a sound theoretical foundation. This article, the third that Professor Cooper has published in JPIM, is in the same tradition.

[1]  R. Calantone,et al.  New Product Scenarios: Prospects for Success , 1981 .

[2]  C. Merle Crawford,et al.  New Product Failure Rates — Facts and Fallacies , 1979 .

[3]  A. Charnes,et al.  A Chance-Constrained Model for Real-Time Control in Research and Development Management , 1966 .

[4]  Robert G. Cooper,et al.  The Dimensions of Industrial New Product Success and Failure , 1979 .

[5]  John R. Moore,et al.  Computational Analysis of Scoring Models for R and D Project Selection , 1969 .

[6]  Neil R. Baker,et al.  R&D Project Selection Models: An Assessment , 1974, R&D Management.

[7]  Norman R. Baker,et al.  R and D project selection: Where we stand , 1964 .

[8]  Robert H. Parmenter.  Research Project Selection (An Industrial Researcher's View) , 1964 .

[9]  A. Albala,et al.  Stage approach for the evaluation and selection of R&D projects , 1975, IEEE Transactions on Engineering Management.

[10]  James R. Freeland,et al.  Recent Advances in R&D Benefit Measurement and Project Selection Methods : Management Science , 1975 .

[11]  Robert G. Cooper,et al.  An empirically derived new product project selection model , 1981 .

[12]  E. Patrick McGuire.  Evaluating new-product proposals , 1973 .

[13]  Alan W. Pearson,et al.  Analysis of some portfolio selection models for R&D , 1971 .

[14]  William E. Souder,et al.  A Scoring Methodology for Assessing the Suitability of Management Science Models , 1972 .

[15]  Carl R. Gloskey.  Research on a Research Department: An Analysis of Economic Decisions on Projects , 1960, IRE Transactions on Engineering Management.

[16]  David S. Hopkins,et al.  New-product winners and losers , 1980 .

[17]  Robert G. Cooper,et al.  The impact of new product strategies , 1983 .