Improving product development process design: a method for managing information flows, risks, and iterations

Companies employ a variety of different product development processes (PDPs) to design new products. Well-designed PDPs are necessary to reduce development time, manage risks, and create better products. This study proposes and demonstrates a method with which a company can design a PDP applicable to its unique circumstance. The research uses several case studies and a literature survey to demonstrate the wide variety of PDPs available to companies. The case studies show the importance of matching PDP design to a company's risk profile. The paper employs these lessons to propose a method for improved PDP design. The paper then illustrates the method by discussing how one company is using it to redesign its PDP.