Managing product development budgets and resources

Managing product development budgets and resources involves overseeing the financial and material resources allocated to the creation of a product or service. This capability includes developing budgets, tracking expenses and resource usage, identifying and mitigating resource constraints, and communicating updates to stakeholders. In our experience, it also involves promoting a culture of efficiency and sustainability, and maintaining positive relationships with customers and stakeholders.

Beginner competence definition

Beginners in this capability understand the basic principles of product development and the company’s policies and programs related to financial management. Beginner-level professionals are able to participate in managing product development budgets and resources, communicate effectively with team members and stakeholders, and follow established protocols and procedures related to financial management.

Intermediate competence definition

Intermediate professionals have a deeper understanding of financial management strategies and their application to the company’s products or services. Intermediate-level professionals can lead efforts to develop budgets, track expenses and resource usage, identify and mitigate resource constraints, and communicate updates to stakeholders. They can also communicate effectively with team members and stakeholders, and train and coach others on financial management strategies and policies.

Advanced competence definition

Advanced professionals have a comprehensive understanding of financial management strategies and their application in complex, global organizations. They can design and implement financial management programs that comply with legal and regulatory requirements, promote efficiency and sustainability, and align with the company’s overall business goals and values. Using advanced techniques such as portfolio management, cost-benefit analysis, and resource allocation optimization to manage product development budgets and resources, they can inform business decisions and strategies. Advanced-level professionals have strong leadership skills, with the ability to inspire and motivate teams to achieve product development goals and drive continuous improvement throughout the organization.