A new round of project management starts when the company has decided to implement a PSS. In this new round, where large budgets and markets are at stake, a strict and well-documented project management approach should be followed. The Prince2 project management method is recommended. PRINCE (Projects in Controlled Environments) is a project management method covering the organisation, management and control of projects originally developed as a UK Government standard for IT project management.
The company should consider a wide range of options for the commercialisation of the selected PSS:
Implement into the existing business model –this is generally advisable if the PSS is an extension of the current model.
  • Starting a New Venture – Though the risks are high, beginning a new venture of developing, marketing, and selling a PSS promises the highest reward if a supporting business infrastructure exists in the company.

  • Strategic Alliance – If two companies share mutual interests in a PSS and it can be organised with clearly separate roles for both companies, they may consider forming an alliance and profit- sharing. Through an alliance, firms may either use each other’s manufacturing skills to take advantage of a market opportunity, or one company may agree to market and sell products manufactured by another.

  • Joint Venture – When a company lacks essential competences or capacities that are needed for the implementation of the PSS, a partner might be searched for. When the company and its partner agree upon the PSS business model, they may consider forming a third company as a joint venture for the PSS. If the skills and resources of the participants are complementary and both sides are able to deal diplomatically with the risks, rewards and operation of the PSS, this far- reaching cooperation model might prove an appealing option.

Figure 38: Overview of commercialization models – source
People determine the success or failure of a project far more than processes or technologies.  A professional project management organisation may improve the overall control structure and help to reduce the risks of commercial implementation of the PSS. A Prince2 (or equivalent) Project Management approach which follows a transparent ‘step by step’ process is suggested.

Prince2 is a process-based approach for project management providing an easily tailored and scaleable method for the management of all types of projects.
Prince2 enables projects to have:
  • A controlled and organised start, middle and end;
  • Regular reviews of progress against plan and against the Business Case;
  • Flexible decision points;
  • Automatic management control of any deviations from the plan;
  • The involvement of management and stakeholders at the right time and place during the project;
  • Good communication channels between the project, project management, and the rest of the organisation.

Figure 38:  Prince2 business model
Each process is defined by Prince2 with its key inputs and outputs, together with the specific objectives to be achieved and activities to be carried out.
The method describes how a project is divided into manageable stages, enabling efficient controls. Roles and responsibilities are described and are adaptable to suit the size and complexity of the project and the skills of the organisation.
A Prince2 project is driven by the project's business case, which describes the organisation's justification, commitment and rationale for the deliverables or outcome. The business case is regularly reviewed during the project to ensure the business objectives (which often change during the lifecycle of the project) are met.
Prince2 is designed to provide a common language across all the parties involved in a project. Prince2 provides benefits to the organisation, as well as the managers and directors of the project, through the controllable use of resources and the ability to manage business and project risk more effectively.
Figure 39:  Scoping: business –project and Prince2
An overview of the modules of Prince2 is shown in the scheme below:
Figure 40:  Overview of the modules of Prince2 project management approach