Certain projects simply take more time than others to development and launch. Injection molded plastic medical device products, for example, can easily take a year or longer to bring to market. These long development times are due to the processes related to designing and testing the safety and efficacy of the device, and to ensure that reliable Six-Sigma production results can be achieved in the final product before investing in costly molds.
In such cases of long lead-times, product and market management must be able to regularly update plans based on market dynamics and when the product will be available for launch. Dynamic forecasting can enable regular adjustments to plans which are critical in achieving desired project outcomes.
A Real-World Problem
An international leader of medical devices embarked on a new injection molded product that would replace one of its flagship lines. A 2-year development schedule made the timing of production conversion from legacy to new product both critical and challenging. A key objective was to ensure adequate inventory of the new product at launch while avoiding excessive inventory of the older product.