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What is Product Analysis ? | Project Management

Product Analysis

Product Analysis for projects that have a product as a deliverable, it is a tool to define scope that generally means asking questions about a product and forming answers to describe the use, characteristics, and other relevant aspects of what is going to be built or manufactured.

Where Applied?

Within the PMBOK® Guide, Product Analysis technique is used in the following processes:

PROCESSES

KNOWLEDGE AREA

PROCESS GROUPS

Define Scope

Project Scope Management

Planning

DEFINE SCOPE

Product analysis can be used to define products and services. It includes asking questions about a product or service and forming answers to describe the use, characteristics, and other relevant aspects of what is going to be delivered. Each application area has one or more generally accepted methods for translating high-level product or service descriptions into meaningful deliverable’s. Requirements are captured at a high level and decomposed to the level of detail needed to design the final product. Examples of product analysis techniques include but are not limited to:

  • Product breakdown
  • Requirements analysis
  • Systems analysis
  • Systems engineering
  • Value analysis and
  • Value engineering.

Product Breakdown

Product breakdown structure (PBS) is a tool for analyzing, documenting and communicating the outcomes of a project, and forms part of the product-based planning technique. The PBS provides “an exhaustive, hierarchical tree structure of deliverables (physical, functional or conceptual) that make up the project, arranged in a whole-part relationship”. This diagrammatic representation of project outputs provides a clear and unambiguous statement of what the project is to deliver.

Product Analysis
Product Breakdown Structure in Product Analysis

Requirements Analysis

Requirements analysis encompasses those tasks that go into determining the needs or conditions to meet for a new or altered product or project, taking account of the possibly conflicting requirements of the various stakeholders, analyzing, documenting, validating and managing requirements. Requirements analysis is critical to the success or failure of any project. The requirements should be documented, actionable, measurable, testable, traceable, related to identified business needs or opportunities, and defined to a level of detail sufficient for further planning.

Requirements
Requirements Analysis in Product Analysis

Systems Analysis

System analysis is the process of studying a procedure or business to identify its goals and purposes and create systems and procedures that will achieve them in an efficient way”. Another view sees system analysis as a problem-solving technique that breaks down a system into its component pieces for studying how well those component parts work and interact to accomplish their purpose. System analysis relates closely to requirements analysis or to operations research. It is also “an explicit formal inquiry carried out to help a decision maker identify a better course of action and make a better decision than he might otherwise have made.

Systems
Systems Analysis in Product Analysis

Systems Engineering

Systems engineering is a field of engineering and engineering management that focuses on how to design and manage complex systems over their life cycles. At its core, systems engineering utilizes systems thinking principles to organize this body of knowledge. Issues such as requirements engineering, reliability, logistics, coordination of different teams, testing and evaluation, maintainability and many other disciplines necessary for successful system development, design, implementation, and ultimate decommission become more difficult when dealing with large or complex projects. Systems engineering deals with work-processes, optimization methods, and risk management tools in these projects.

Value Analysis

Systematic analysis  identifies and selects the best value alternatives for designs, materials, processes, and systems. It proceeds by repeatedly asking “can the cost of this item or this step be reduced or eliminated, without diminishing the effectiveness, required quality, or customer satisfaction?

Value calculation
Value Analysis in Product Analysis

Value Engineering

Value engineering (VE) is a systematic method to improve the “value” of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be altered by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced because of pursuing value improvements.

References:

PMBOK® GUIDE SIXTH EDITION

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