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The product development cycle starts with the assessment of the customers needs and ends when the design is finally released for bulk production. The main steps in the development cycle are enumerated below.
Assessment of Customers Needs: The starting point of any design is the user demand. The more fully this demand is understood the better is the chance for a design meeting the approval of the product. It is here that the quality engineers of the company can help them in deciding about what is required of the product. This can be done key explaining to the prospective customers the variety of futures which can be provided in the product and eliciting information about their preferences.
Formulation of Design Specification: Once the requirements and expectations of the prospective customers have been analyzed they must be translate into a design specification which lays down feature targets to be achieved along with constraints. If any. Although a design specification is normally the prerogative of the designers. It is always advisable to formulate it in consultation with the quality engineers. They can advise on the technical failing s of the previous product of which a newer version is to be designed so that those drawbacks could be avoided in the new design. A design specification should be a comprehensive document which fully reflects the demands and expectations of the users
Net Present Value (NPV) analysis is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflow and outflow to the
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