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Academic SeminarA Theoretical Analysis of the Lean Product Development Process

  • Date
  • 2019-08-26 ~ 2019-08-26
  • Time
  • 14:00 ~ 15:30
  • Place
  • Building no. 9, 7th #9701
  • Department
  • School of Management Engineering
  • Major
  • Operations Strategy & Management Science
We would like to invite you to participate in Management Engineering(ME) Seminar.

1. When: August 26th (Monday), 14:00 ~ 15:20
2. Where: Building no. 9, 7th #9701
3. Speaker: Prof. Steve Yoo (University College London)
4. Topic: A Theoretical Analysis of the Lean Product Development Process
5. Research field: Operations Strategy and Management Science
* Lecture will be delivered in English.

The lean startup method is emerging as a best practice for entrepreneurs’ early product development and in entrepreneurship curriculums in academia. Central to this paradigm is the view that startups should iteratively launch minimum viable products (MVPs) to gather consumer feedback and then modify (or “pivot”) the product design goals in response to that feedback. In settings where neither the product nor a market exists at the start of development, this approach is desirable because it helps firms to learn quickly about the product–market fit and reduces the costs of failure that would be associated with developing an unwanted product. This paper examines a stylized model of the lean product development process in a setting with unknown consumer preferences. The entrepreneur can learn about consumer preferences in a Bayesian manner by developing and selling an MVP to customers and acquiring their feedback. Our analysis reveals how the MVP’s attributes (design, quality, and price) impact the quality of the entrepreneur’s learning and characterizes the optimal MVP that strikes a balance between maximizing the benefit of learning and minimizing the cost of pivoting. We also present insights into the product–market conditions for which the lean approach is more or less desirable.
Contact : Lee, Jisun ( jisunlee@kaist.ac.kr )