Q4 A Q4 B Define the term and explain the concept of standardisation within New Product Development (NPD) projects. The issue of managing the trade offs between Product Development Cycle time and NPD costs is present in all NPD projects. Please explain the following potential outcomes for firms who embark on accelerated NPD initiatives:

i) Explain the primary benefits of shortening the NPD cycle times.

ii) Explain the tangible and hidden costs of accelerated NPD projects and provide an example of a firm that made this type of error.

iii) Explain the key development trade-offs in this decision making process. Provide some typical NPD cycle time decision scenarios.

iv) Explain what you consider to be the main barrier to the adoption of this type of decision process within all NPD projects.