PACE methodology (PACE)

A gated methodology for the development of new products and services developed by Michael McGrath in his book Next Generation Product Development.

PACE stands for Product and Cycle-time Excellence, and relies on seven interrelated elements to ensure project success and minimize time-to-market.

These elements can be divided into two groups: four elements at the project management level:

1) a gated NPD process,

2) a small cross-functional Core Team empowered to make all decisions about the project,

3) a structured development process that ensures consistency, and

4) efficient use of development tools and techniques.

And three elements at the program/portfolio level:

5) a Product Strategy Process that provides a framework for product development decisions,

6) comprehensive technology management, and

7) pipeline management which provides a framework for project prioritization, cross-project resource management and aligns functional capabilities and project requirements.