Abstract
Rigorous international competition, the explosion of market segments and niches and accelerating technological change have created a set of competitive imperatives for the development of new products and processes in industry. Time to market has become a competitive item. Missing out on market windows can result in major decreases in return on investment and a shorter commercial life cycle. Thus the product creation process has become one of the important business processes in order to succeed in today's market environment. To remain competitive, a company has to be innovative, giving attention to product cost, product and process quality, flexibility in the product mix and new solutions. Traditionally, product creation processes are managed through milestones and deliverables. There are drawbacks to this traditional approach. By focusing more on the process management aspects, the product creation process can be improved to better adjust to the market requirements. Concurrent engineering is explained briefly. A practical approach to concurrent engineering is presented in the form of five principles and illustrated by case studies. Copyright © 1999 John Wiley & Sons, Ltd.
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