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Calculating and Predicting a Product Life Cycle

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Mrinal Ghosh
Business Consultant, India

Calculating and Predicting a Product Life Cycle

If we had to determine the life cycle of a product how can it be done. What quantitative variables should we take in consideration for calculating the same and why?
 
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Jaap de Jonge
Editor, Netherlands
 

Predicting the Life Cycle of a New Product

- Computers are better than humans in predicting the future in relatively unambiguous contexts.
- Humans beat computers in highly uncertain contexts.
According to Matthias Seifert and Allègre L. Hadida in "3 Humans + 1 Computer = Best Prediction" (HBR May, 2013), what is even better is combining the 'opinions' from BOTH computers and humans.
A best practice for highly uncertain environments, such as a product launch for a groundbreaking product, is to take 3 experts, average their opinions and combine that with the prediction by the computer, while giving greater weight to the experts opinion.

 

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More on Innovation:
Summary
Discussion Topics
👀Calculating and Predicting a Product Life Cycle
topic External / Internal Influence Model
topic How is Bass Curve Model Different from Product Life Cycle
🔥 Measuring Adoption of Innovation
topic Alternate Bass Model Formula
topic Calculating Nt-1 in Bass | Calculating m, p and q in the Bass Model
Special Interest Group

SIG Leader

Do you know a lot about Innovation? Become our SIG Leader

Knowledge Center

Innovation
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