The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

This paper is a review of research in product development, which we define as the transformation of a market opportunity into a product available for sale. Our review is broad, encompassing work in the academic fields of marketing, operations management, and engineering design. The value of this breadth is in conveying the shape of the entire research landscape. We focus on product development projects within a single firm. We also devote our attention to the development of physical goods, although much of the work we describe applies to products of all kinds. We look inside the "black box" of product development at the fundamentaldecisions that are made by intention or default. In doing so, we adopt the perspective of product development as a deliberate business process involving hundreds of decisions, many of which can be usefully supported by knowledge and tools. We contrast this approach to prior reviews of the literature, which tend to examine the importance of environmental and contextual variables, such as market growth rate, the competitive environment, or the level of top-management support.

/pdf/product-development-decisions-a-review-of-the-literature-1jhatri7bn.pdf

Product Development Decisions: A Review of the Literature

Everybody knows that digital technology has revolutionized our economy and our lifestyles. But how many of us really understand the drivers behind the technology – the significance of going digital; the miniaturization of electronic devices; the role of venture capital in financing the revolution; the importance of research and development? How many of us understand what it takes to make money from innovative technologies? Should we worry about manufacturing going offshore? What is the role of India and China in the digital economy? Drawing on a lifetime’s experience in the industry, as an engineer, a senior manager, and as a partner in a global venture capital firm, Henry Kressel offers an expert personalized answer to all these questions. He explains how the technology works, why it matters, how it is financed, and what the key lessons are for public policy.

Competing for the Future

Normal accidents. Living with high-risk technologies

Hierarchical latent variable models in PLS-SEM: guidelines for using reflective-formative type models

Project Success: A Multidimensional Strategic Concept

Not many authors have attempted to classify projects according to any specific scheme, and those who have tried rarely offered extensive empirical evidence. From a theoretical perspective, a traditional distinction between radical and incremental innovation has often been used in the literature of innovation, and has created the basis for many classical contingency studies. Similar concepts, however, did not become standard in the literature of projects, and it seems that theory development in project management is still in its early years. As a result, most project management literature still assumes that all projects are fundamentally similar and that "one size fits all." The purpose of this exploratory research is to show how different types of projects are managed in different ways, and to explore the domain of traditional contingency theory in the more modern world of projects. This two-step research is using a combination of qualitative and quantitative methods and two data sets to suggest a conceptual, two-dimensional construct model for the classification of technical projects and for the investigation of project contingencies. Within this framework, projects are classified into four levels of technological uncertainty, and into three levels of system complexity, according to a hierarchy of systems and subsystems. The study provides two types of implications. For project leadership it shows why and how management should adapt a more project-specific style. For theory development, it offers a collection of insights that seem relevant to the world of projects as temporary organizations, but are, at times, different from classical structural contingency theory paradigms in enduring organizations. While still exploratory in nature, this study attempts to suggest new inroads to the future study of modern project domains.

One Size Does Not Fit All Projects: Exploring Classical Contingency Domains

Toward a typological theory of project management

Projects are the engines that drive innovation from idea to commercialization. In fact, the number of projects in most organizations today is expanding while operations is shrinking. Yet, since many companies still focus on operational excellence and efficiency, most projects fail--largely because conventional project management concepts cannot adapt to a dynamic business environment. Moreover, top managers neglect their company's project activity, and line managers treat all their projects alike--as part of operations. Based on an unprecedented study of more than 600 projects in a variety of businesses and organizations around the globe, "Reinventing Project Management" provides a new and highly adaptive model for planning and managing projects to achieve superior business results.

http://www.reinventingprojectmanagement.com/material/other/RTM%20Review.pdf

Aaron J. Shenhar

Papers

Project Success: A Multidimensional Strategic Concept

One Size Does Not Fit All Projects: Exploring Classical Contingency Domains

Toward a typological theory of project management

Reinventing project management : the diamond approach to successful growth & innovation

An empirical analysis of the relationship between project planning and project success