Version 1
: Received: 6 June 2024 / Approved: 7 June 2024 / Online: 10 June 2024 (04:12:03 CEST)
How to cite:
Dragomir, M.; Țîțu, A. M.; Bodi, Ș.; Oșanu, T.; Radu, A. Product Development Anxiety: A Contingency Planning Model for Innovative Production Companies. Preprints2024, 2024060472. https://doi.org/10.20944/preprints202406.0472.v1
Dragomir, M.; Țîțu, A. M.; Bodi, Ș.; Oșanu, T.; Radu, A. Product Development Anxiety: A Contingency Planning Model for Innovative Production Companies. Preprints 2024, 2024060472. https://doi.org/10.20944/preprints202406.0472.v1
Dragomir, M.; Țîțu, A. M.; Bodi, Ș.; Oșanu, T.; Radu, A. Product Development Anxiety: A Contingency Planning Model for Innovative Production Companies. Preprints2024, 2024060472. https://doi.org/10.20944/preprints202406.0472.v1
APA Style
Dragomir, M., Țîțu, A. M., Bodi, Ș., Oșanu, T., & Radu, A. (2024). Product Development Anxiety: A Contingency Planning Model for Innovative Production Companies. Preprints. https://doi.org/10.20944/preprints202406.0472.v1
Chicago/Turabian Style
Dragomir, M., Tiberiu Oșanu and Alexandru Radu. 2024 "Product Development Anxiety: A Contingency Planning Model for Innovative Production Companies" Preprints. https://doi.org/10.20944/preprints202406.0472.v1
Abstract
This paper investigates the possible failure modes of the product development process in production companies that are active in the B2C markets with a focus on household products. Since these cases require short lead times and are difficult to differentiate, in many instances the end result will not be the desired one and could affect profitability for a season or for good. A model of these possibilities is created and an approach to plan contingencies for their solutioning is proposed in the article. The main guideline is to switch from failure probability determination to accepting failure as inevitable and using digital solutions to reinforce the development process in order to offset its impact. For this goal, an Industry 5.0 Abatement Factor (abbreviated IFAF) is introduced in the contingency planning approach, that factors in the evaluation the low cost of digital instruments and the proper mix of Technology, Humans and AI (abbreviated THAI). The new working procedure based on these concepts and their interlinkages is discussed based on specific examples.
Keywords
new product development; contingency planning; Industry 5.0; artificial intelligence
Subject
Engineering, Industrial and Manufacturing Engineering
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
