ABSTRACT
This chapter discusses the five general approaches that are product development charter review, concept testing, scoring models, snake plots, and financial analysis. Once a set of product concepts has been generated an evaluation of each concept is conducted. The purpose of concept evaluation is to refine set of concepts to only those concepts that should continue in the product development process. In the product development process, most upper managers will desire a financial analysis of a particular product concept to determine whether it will be profitable venture. The product development charter review is the evaluation by the management team or project team of the respective product concept against the criteria established in Product Innovation Charter (PIC). The aim of concept testing is to incorporate customer opinion into the evaluation process. Scoring models comprise lists of criteria and associated rating scales that are generated by the team or by the company. Snake plots are an extension of the scoring model approach.
