What is costbenefit analysis of public goods? Why is it important? Why is it hard?
Chapter 7 – MGMT of Innovation Notes Product development is when you introduce a new product into the same market. You must simultaneously achieve: 1. Maximize Product’s fit with customer requirements 2. Minimize the development cycle time 3. Control Development cost Quantitative: math comparisons, use of discounted cash flow methods, real options, net present value, and internal rate of return. Overall, this focuses on past events. It only gives an estimate on the future and an investment in your own learning. Qualitative: process of evaluation. It is an assessment for potential projects. It relies on the customer for the decision. Focus is on the likeliness of the customer to the new establishment, focus on market size,