Do you agree with the posted below? why?

Whenever there is a situation to come against a challenge, we must understand there is also an opportunity available at the same pace. When we observe the new challenges intervening in the market, the first thought in our mind is of risk. The risk is something that can never be removed but yes it can be minimized to some extent depending upon certain factors as well. Similarly, if we think about the opportunity, we must have a very fluent strategic plan leading towards the development of the product and to save them from risk to be faced as entering as a new product into the market, various ways can be used to minimize it in order to be successful.

For a carious reason, the phase gate method is ranked above all and executed really well through different stages until today and helped us in bring out the best of all product.

The adaptability of Phase-Gate procedure:

The procedure of flexibility during regaining the structured product growth perspective that will not only handle to minimize the risk and doesn't let you neglect your firm requirements. There is a very famous saying: " Don't put all the eggs in a single bucket" This phrase actually refers to the managing of a portfolio. It means we are not about to flow our all finance and budget into a new product especially when there is a high risk of failing. So, it means transforming a portfolio is a complete method to handle risk properly and this method is to be executed w we design and working on a new product. Having experience-oriented expert employees and the process of taking decisions for creating innovation, still, there is always some knowledge that is not readily available or missing. So, it is the best way to learn through this hard time, the way to achieve success despite numerous hardships. Similarly, it is an opportunity for learners to develop various ideas of leading to success.

How Phase-Gate process puts us in control of risk?

The phase gate is represented as the conceptual, linear, and gradual process of various steps. But nowadays we are dealing with a more advanced version of it. If we look precisely, we can see that in many cases the task within the phases is overlying, few are concurrent, few are constant but above all the phase gate model follows the spirit of the newly launched product growth process. It takes control of everything accordingly. More precisely, the scope control and monitoring over our whole project involve the following:

We can start the next stage of the project before accomplishing the last one. In this case, there is a possibility that we might have to go back to check on and finish the previous step of the task as each task has its own specific significance.

It is a mutual decision of the project management team to work on activities and in certain phases, particular information is to be processed through the gate.

It is our responsibility to work on the gatekeeping responsibly. Like decision making, we must place a person with particular skills into task related to his work and skills. Similarly, it helps to make acknowledgeable decisions.

In order to go through check on all the activities that are accomplished, there is a particular summary-oriented document, which has a summary of each task and key elements related to it. It makes things more precise, time-saving, and easy for an analyst to review. Moreover, it helps decision-makers to minimize failure risks and take accurate decisions for success ahead.

Key Success Elements for Organizing Phase-Gate Process

• Doing effective work conceding with business-oriented task
• Teamwork parallel to trust as well as sharing of risk
• The formal, easy, comfortable work environment for all team members
• Developing PR by interacting with business-related personalities and associations
• Analyzing each task precisely to minimize risk as much as possible