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A company that is planning to launch a product needs program management to ensure that all the requirements for the product are met, and all bugs are fixed. If you do not use the right method and tools to identify and fix the bugs in your product, it is a waste of money to release the product in the market. Program management is necessary for any business to know when the project needs tweaking to get back on track.

Process gap analysis is an effective phase of the product development process, which helps the engineers to identify the problems and improve the product design. This tool can be beneficial for any project management process when the right knowledge is applied to it.

What is Gap Analysis?

Gap analysis is a part of project management that focuses on how a business or a project is performing and what steps it can take in the future to improve its growth. It is a study of various perspectives to analyze the process and goals of a business. It covers the areas of information technology and product management to identify the problems with the performance of a business and provide better solutions.

In simple terms, gap analysis compares the present performance of a product to its potential performance. Gap analysis looks at factors such as resource planning, capital investment, technology, raw goods, etc. It finds out the missing areas between the optimized allocation and integration of resources compared to the present allocation. By measuring the gap, this analysis gives the estimates for the improvements that are possible.

How to do Gap Analysis?

The first stage of gap analysis is to realize where you stand at the moment with your product. Identify the conditions at which your product is available and where you can take it from here. Gap analysis is more than improving the product. It also figures out the methods that can save you cost without having to compromise on the quality. Here are the four basic steps of gap analysis.

Identify the current state

As mentioned above, the first stage is to know where your product stands at the moment. Make sure that you make the most realistic observations. Do not overlook even the smallest mistakes as it can become a blunder in the future.

Decide the next steps

You need to decide where you want to go from here with all the documented information. You need to set future targets for your product. Find a reasonable timeframe to achieve your future goal.

Identify the gaps

The gap between your present state and where you want to go is the space where you must build a bridge to reach your target. You need to find out why there is a gap and what you can do to fill it. Dig as deep as you can to note the reason behind the gap.

Bridge the gap

The final step is to act on your decisions and bridge this gap. You should find out a way to close it while staying honest with your goals. Consider the resources, cost estimation, and time frame while implementing your strategies. Close one gap at a time to perform better instead of stressing on multiple gaps at once.