Hi there… as you start on this here are some suggestions but I will make a few assumptions related to the new product development (NPD) process first.
You have completed some market review and know what the customers want, you have done the business case and have funding and you do have requirements document with details of what needs to be developed – right?
If not – go back and document above and then come back to this. If yes let’s move to below 5 simple steps.
1. Decide on the project management structure as this development will be a project effectively ie. will the team be reporting to the project manager who is leading this development or the team will report to their own managers.
2. From here you will need to estimate availability of all your staff eg. you may have 5 engineers but if all are availably only 8 hours per week – you really only have 1 full time equivalent
3. Compare available staff time with your estimated required completion time – this would have been documented in your business case (you can only get to costs in a business case if you have some estimates of resources impact). See a little example tool you can get or develop for this resources mapping task…
4. Once the team is in place develop a project plan with milestones etc… to manage from a high level. On the ground level to keep it going fast consider some Agile development techniques to supplement…
5. Implement rigorous control and monitor metrics – regular progress reports, stand-up routine meets, KPIs for staff, maybe even some bonuses for meeting or beating time deadlines. Quality control should be part of this review process also.
If you are looking at formalising some structure around this and having a proper new product development (NPD) framework in place for the company to follow consider using