Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School
No 05-1:
The Management of Projects and Product Experimentation: Lessons from the Entertainment Industries
Mark Lorenzen and Lars Frederiksen
Abstract: The paper analyses management of product innovation in
project-based industries, offering a view on management not only of firms,
but also of markets. It first argues that projects are prominent in
industries where the nature of consumer demand means that product
innovation takes place as experimentation. Then, the paper argues that if
skills needed for projects are very diverse and projects are complex, there
are few internal managerial economies of projects, and the scope for
management then transcends the boundaries of firms. In these cases, markets
become organized in combinations of people, contracts, and other
institutions, in order to facilitate the coordination of market-based
projects. While contracts play a role, a continuous, active role of
knowledgeable managers (leaders and boundary spanners) is also often
necessary. Such managers ? and thus (core parts of) whole industries ? are
embedded in project ecologies at particular places, which is why we see
geographical clusters in many project-based industries. The paper is mainly
conceptual, but develops its argument by drawing examples from the
Entertainment industries throughout.
Keywords: Project organization, product innovation, portfolio management of projects, entertainment; (follow links to similar papers)
JEL-Codes: L22,; O31,; L82; (follow links to similar papers)
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