Market Well Like: Product Attributes Influencing Project Tailoring

PMBOK v8 Definition

The "Market Well Like" concept appears within the Tailoring domain of the PMBOK v8, specifically under the product or deliverable attributes that influence how a project team adapts processes, development approaches, life cycles, and tools. The key question is whether the product is "well known and easy to recognize, like a building, or something intangible like software or the design of a new drug or vaccine." This attribute helps determine the appropriate standards compliance, process rigor, and quality assurance for the project.

Why It Matters for the Exam

This concept frequently appears in PMI exam questions about tailoring decisions—specifically, how the nature of the product determines which project management processes to emphasize or simplify. Questions test your ability to recognize that tangible, well-known products (like buildings) require different tailoring approaches than intangible, novel products (like software or drug designs). Expect scenario-based questions where you must select the correct tailoring approach based on product characteristics.

Key Points to Remember (for the exam)

Core Question: "Is the product well known and easy to recognize, like a building, or something intangible like software or the design of a new drug or vaccine?"
Tangible Products (e.g., buildings): Require more process rigor and quality assurance due to physical standards compliance and safety regulations.
Intangible Products (e.g., software, drug designs): Require adaptive approaches with iterative delivery and flexible requirements management.
Industry Market Influence: The market type (highly regulated, fast-moving, slow-to-evolve) directly impacts tailoring decisions—regulated markets demand more formal processes.
Technology Stability: Rapidly evolving technology (common with intangible products) requires shorter feedback loops and incremental delivery.
Timeframe Factor: Short projects (weeks/months) vs. long projects (years) change how you tailor planning and risk management.
Requirements Stability: Products with stable requirements can use predictive approaches; unstable requirements need adaptive methods.
Common Confusion: Confusing "product type" with "project complexity"—a well-known tangible product can still be complex, but its predictability allows more standardized processes.

Typical PMI Exam Example

A project team is developing a new vaccine for a rapidly mutating virus. The product is intangible, the market is highly regulated, and requirements are unstable. The PM asks: "Which tailoring approach should we use?" The correct answer is an adaptive life cycle with iterative delivery and continuous stakeholder engagement to manage changing requirements and regulatory compliance.

PMI Exam Traps

Trap: Assuming all intangible products require less process rigor.
- Reality: Intangible products in highly regulated markets (e.g., pharmaceuticals) require more formal quality assurance and compliance processes.
Trap: Confusing "well known" with "simple."
- Reality: A building is well known but can be extremely complex; the key is that its requirements and deliverables are predictable and standardized.
Trap: Thinking tailoring is only about the development approach.
- Reality: Tailoring affects processes, development approach, life cycle, and tools and techniques—all four dimensions must be considered.
Trap: Ignoring the industry market when evaluating product type.
- Reality: The market context (regulated vs. unregulated, fast vs. slow) is a separate but related attribute that modifies tailoring decisions.

Important PMI Connections

Related Concept	Relationship Type	Exam Attention Point
Make-or-Buy Analysis	Input to procurement decisions	Product type influences whether to build or buy—tangible products often have established suppliers
Market Research	Data-gathering technique	Used to assess industry capabilities and seller qualifications for both tangible and intangible products
Product Life Cycle	Context for tailoring	Projects create/enhance product components; the product's life cycle stage affects tailoring needs
Standards Compliance	Direct attribute of product type	Tangible products often have mandatory physical standards; intangible products may have regulatory or security standards

Quick Review Questions

A project is creating a new mobile application for a fast-moving consumer market. The technology is rapidly evolving. Which tailoring approach is most appropriate?
Your project involves constructing a bridge in a highly regulated country. The requirements are stable and well-defined. What type of life cycle should you select?
A pharmaceutical company is designing a new drug. The market is highly regulated, and requirements may change based on clinical trial results. How should the project team tailor quality assurance processes?
During tailoring decisions, what is the primary difference between a "well-known" product like a building and an "intangible" product like software?
A project team is evaluating whether to purchase or manufacture a component. The component is a standard, well-known part used in many buildings. Which procurement technique helps assess market capabilities?

PMBOK v8 Reference

Section 3.4.3 - Tailor for the Project (Subsection 3.4.3.1 - Product or Deliverable)