Product Development and Decision Production Systems

Abstract

A product development organization faces many challenges as it strives to become a market leader. Goals of attaining superior quality, rapid time-to-market and low cost are often thwarted by poor decisions based on incomplete or missing information. A company's existing product portfolio will become less profitable over time due to changes in manufacturing technology, consumer preferences and government regulations (to name a few influences). The sales volume graph of a typical product starts slowly, accelerates, becomes flat and then steadily declines. Although there may be a few products that remain profitable for many years, vibrant firms must continually develop new products that will generate more profits.

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