Study and Implementation of Project Management Principles in New Product Development in the Automobile Manufacturing Industry

Current market environment is more competitive to introduce new product in the market, one should always analyze levels of competitions, rapidly changing market environment, technical advancement, duration of the product life cycles. Purpose of the papers is to study and implementation of the project management principles in the new product development as, it is an important event for any organization. As new product give opportunity to stay ahead in the market many firms adopt typical practices for the development that leads to the loss of company and affects the health of the market success. Presently, successful firms start incorporating the project management practices in project which increases the success rate. Project management believes in deliberate planning which lead to the reduction in the lead time. This study investigates the typical practices adopted by the firms for new product development due to the existing problems in the past practices and thus, the project management practices effectively address the issue for new product development to complete product development in optimum time for truck manufacturing in the automobile industry. Citation: D. K. Shinde, Akshay Bhogil. "Study and Implementation of Project Management Principles in New Product Development in the Automobile Manufacturing Industry." Global Research and Development Journal For Engineering 6.6 (2021): 43 - 53.