Diploma in Project Management – How to Define a Product Analysis

Project Scope Definition: Tools and Techniques

1. Product Analysis

Product analysis is, as the name implies, analysing the product the project will create.

Product analysis is a method for converting the product description into project deliverables and requirements. Specifically, it involves understanding all facets of the product, its purpose, how it works, and its characteristics.

Product analysis includes techniques such as product breakdown, systems analysis, systems engineering, value engineering, value analysis, and functional analysis.

Product analysis can be accomplished through one or more of the following:

Product breakdown: This method breaks down the product into components, examining each component individually and how it may work with other parts of the product. This approach can be used in chemical engineering to see how a product, such as a pharmaceutical, is created and how effective it is.

Systems engineering: This process focuses on satisfying the customers’ needs, cost requirements, and quality demands through the design and creation of the product. There is an entire science devoted to systems engineering in various industries.

Value engineering: Deals with reducing costs and increasing profits, all while improving quality. Its focus is on solving problems, realising opportunities, and maintaining quality improvement.

Value analysis: Similar to value engineering, this focuses on the cost/quality ratio of the product. For example, your expected level of quality of a $100,000 car versus a $6,700 used car is likely relevant to the cost of each. Value analysis focuses on the expected quality against the acceptable cost—also known as the cost of quality.

Function analysis: Related to value engineering, this allows team input to the problem, institutes a search for a logical solution, and tests the functions of the product so the results can be graphed.

Quality function: This deployment is a philosophy and a practice to fully understand customer needs—both spoken and implied—without incorporating unnecessarily costly features or refinements into the project deliverables.

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LMIT’s Diploma in Project Management is Now Endorsed by AIPMGet Your Diploma of PM and  You’ll Also Receive a Certificate from AIPM

The best way to get introduced to project management principles, theories and methodologies is to sign up for the Certificate IV in Project Management training with LMIT.

LMIT provides online training courses for the Cert IV Project Management BSB41507, the Certificate IV of Project Management and the Diploma of Project Management BSB51407 in Brisbane, Sydney, Melbourne, Perth, Adelaide and Canberra.

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