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Product Development
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. New product development is the realization of a market opportunity by making a product available for purchase. The products developed by an commercial organisation provide the means to generate income. Many technology-intensive organisations exploit technological innovation in a rapidly changing consumer market. A product can be a tangible asset or intangible. A service or user experience is intangible. In law, sometimes services and other processes are distinguished from "products". NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time, and quality are the main variables that drive customer needs. Ai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from Sole proprietorship, sole proprietors and partnerships. Corporations are separate and unique Legal person, legal entities from their shareholde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Requirements Engineering
Requirements engineering (RE) is the process of defining, documenting, and maintaining requirements in the engineering design process. It is a common role in systems engineering and software engineering. The first use of the term ''requirements engineering'' was probably in 1964 in the conference paper "Maintenance, Maintainability, and System Requirements Engineering", but it did not come into general use until the late 1990s with the publication of an IEEE Computer Society tutorial in March 1997 and the establishment of a conference series on requirements engineering that has evolved into the International Requirements Engineering Conference. In the waterfall model, requirements engineering is presented as the first phase of the development process. Later development methods, including the Rational Unified Process (RUP) for software, assume that requirements engineering continues through a system's lifetime. Requirements management, which is a sub-function of Systems En ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lean Startup
Lean startup is a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning. Lean startup emphasizes customer feedback over intuition and flexibility over planning. This methodology enables recovery from failures more often than traditional ways of product development. Central to the lean startup methodology is the assumption that when startup companies invest their time into iteratively building products or services to meet the needs of early customers, the company can reduce market risks and sidestep the need for large amounts of initial project funding and expensive product launches and financial failures. While the events leading up to the launch can make or break a new business, it is important to start with the end in mind, which mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phase-gate Process
A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct ''stages'' or ''phases'', separated by decision points (known as ''gates''). At each gate, continuation is decided by (typically) a manager, steering committee, or governance board. The decision is made based on forecasts and information available at the time, including the business case, risk analysis, and availability of necessary resources (e.g., money, people with correct competencies). History A phased approach to investment decisions for development arose in large-scale projects for mechanical and chemical engineering, particularly since the 1940s. One source described eight phases. In 1958, the American Association of Cost Engineers created four standard cost estimate type classifications to match these development and appr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Strategy
Product strategy defines the high-level plan for developing and marketing a product, how the product supports the business strategy and goals, and is brought to life through product roadmaps. A product strategy describes a vision of the future with this product, the ideal customer profile and market to serve, go-to-market and positioning (marketing), thematic areas of investment, and measures of success. 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. The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved. The strategy must be clear in terms of the target customer and market of the product in order to plan the roadmap needed to achieve strategic goals and give customers better value. Goals of product strategy Product strategy aims to provide context for what the product and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Design For Assembly
Design for assembly (DFA) is a process by which products are designed with ease of assembly in mind. If a product contains fewer parts it will take less time to assemble, thereby reducing assembly costs. In addition, if the parts are provided with features which make it easier to grasp, move, orient and insert them, this will also reduce assembly time and assembly costs. The reduction of the number of parts in an assembly has the added benefit of generally reducing the total cost of parts in the assembly. This is usually where the major cost benefits of the application of design for assembly occur. Approaches Design for assembly can take different forms. In the 1960s and 1970s various rules and recommendations were proposed in order to help designers consider assembly problems during the design process. Many of these rules and recommendations were presented together with practical examples showing how assembly difficulty could be improved. However, it was not until the 1970s that n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Design For Manufacturability
Design for manufacturability (also sometimes known as design for manufacturing or DFM) is the general engineering practice of designing products in such a way that they are easy to manufacture. The concept exists in almost all engineering disciplines, but the implementation differs widely depending on the manufacturing technology. DFM describes the process of designing or engineering a product in order to facilitate the manufacturing process in order to reduce its manufacturing costs. DFM will allow potential problems to be fixed in the design phase which is the least expensive place to address them. Other factors may affect the manufacturability such as the type of raw material, the form of the raw material, dimensional tolerances, and secondary processing such as finishing. Depending on various types of manufacturing processes there are set guidelines for DFM practices. These DFM guidelines help to precisely define various tolerances, rules and common manufacturing checks relate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Verification And Validation
Verification and validation (also abbreviated as V&V) are independent procedures that are used together for checking that a product, service, or system meets requirements and specification (technical standard), specifications and that it fulfills its intended purpose. These are critical components of a quality management system such as ISO 9000. The words "verification" and "validation" are sometimes preceded with "independent", indicating that the verification and validation is to be performed by a disinterested third party. "Independent verification and validation" can be abbreviated as "IV&V". In reality, as quality management terms, the definitions of verification and validation can be inconsistent. Sometimes they are even used interchangeably. However, A Guide to the Project Management Body of Knowledge, the PMBOK guide, a standard adopted by the Institute of Electrical and Electronics Engineers (IEEE), defines them as follows in its 4th edition: * "Validation. The assu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Good
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods refer to products that have undergone processing or assembly, distinguishing them from raw materials. Law Various legal definitions exist for consumer products, depending on jurisdiction. One such definition is found in the United States' Consumer Product Safety Act, which provides extensive explanation of consumer products. CONSUMER PRODUCT.- The term ‘‘consumer product’� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Design
Industrial design is a process of design applied to physical Product (business), products that are to be manufactured by mass production. It is the creative act of determining and defining a product's form and features, which takes place in advance of the manufacture or production of the product. Industrial manufacture consists of predetermined, standardized and repeated, often automated, acts of replication, while craft-based design is a process or approach in which the form of the product is determined personally by the product's creator largely concurrent with the act of its production. All manufactured products are the result of a design process, but the nature of this process can vary. It can be conducted by an individual or a team, and such a team could include people with varied expertise (e.g. designers, engineers, business experts, etc.). It can emphasize intuitive creativity or calculated Evidence-based design, scientific decision-making, and often emphasizes a mix of b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Detailed Design Document
A software design description (a.k.a. software design document or SDD; just design document; also Software Design Specification) is a representation of a software design that is to be used for recording design information, addressing various design concerns, and communicating that information to the design’s stakeholders. An SDD usually accompanies an architecture diagram with pointers to detailed feature specifications of smaller pieces of the design. Practically, the description is required to coordinate a large team under a single vision, needs to be a stable reference, and outline all parts of the software and how they will work. Composition The SDD usually contains the following information: #The ''Data-driven design'' describes structures that reside within the software. Attributes and relationships between data objects dictate the choice of data structures. #The '' architecture design'' uses information flowing characteristics, and maps them into the program structure. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
