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As product development has become more cost and time efficient over the years, elements of concurrent engineering have been present in product development approaches. The elements of concurrent engineering that were utilized were cross-functional teams as well as fast time-to-market and considering manufacturing processes when designing. [5]
New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product into a new market. A central aspect of NPD is product design.
A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. [1] The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved.
Collaborative product development (collaborative product design) (CPD) is a business strategy, work process and collection of software applications that facilitates different organizations to work together on the development of a product. It is also known as collaborative product definition management (cPDM). [citation needed]
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Product-family engineering is all about reusing components and structures as much as possible. Several studies have proven that using a product-family engineering approach for product development can have several benefits. [2] Here is a list of some of them: Higher productivity; Higher quality; Faster time-to-market; Lower labor needs
The traditional DMAIC Six Sigma process, as it is usually practiced, which is focused on evolutionary and continuous improvement manufacturing or service process development, usually occurs after initial system or product design and development have been largely completed. DMAIC Six Sigma as practiced is usually consumed with solving existing ...
Lean product development organizations develop cross-functional teams and reward competence building in teams and individuals. Cadence and pull. Managers of lean product development organizations develop autonomous teams, where engineers plan their work and work their plans. Visual management. Visualization is a main enabler of lean product ...