Discuss the importance of and impediments to reducing the time for product development.

Answer rating: 100% (QA)

As far as the importance or benefits are concerned when it comes to reducing time in product development it can be summarized under the following heads Better Operational Efficiency When product development needs lesser time automatically the operational efficiency of the manufacturing firm goes up With use of new CAD tools and modern engineering tools designers these days develop designs much quicker and this also enables them to focus on newer designs and research in a better way Time to Market reduces The product is marketed much faster any modifications needed is identified at the designing phase and the timetomarket is not compromised Thus this enables manufacturers put the products in the market right in time to meet the demand and extract maximum profitability Reduction in Resource wastage With the help of simulation and modern tools the requirement of many tests and trials is reduced drastically As a result of which design changes can be implemented straight away without repeated prototyping All these overall have a positive impact on the revenues as well as the profitability of the firm in the long run When it comes to the hindrances or impediments in reducing the time in product development it can be divided under the following head ... View the full answer