Top 10 Reasons Why Product Development Projects Fail

Introduction

The sole purpose of product development is to generate a positive return on investment. Consequently, it is interesting to note that more than 70% of product development projects fail to produce a positive return on investment. Product Development is risky and always requires some trial and error. However, great companies continuously improve, and product development is certainly an area where opportunities for improvement abound. It is important to treat product development failures the same as other challenges in business. It is essential to understand what went wrong, why it went wrong, and what can be done to prevent it from going wrong next time.