Your team needs to figure out whether to keep the tooling for the current production model for the enclosure (sheet metal forms, injection molding molds, etc) or include new tooling for the new model desicn. the project could reuse some or all of the tooling from the previous (current) project design, or start from stratch. The marketing personal insidt that maximum sales will occur isf a new human interface ( display screen, bezel, buttons, etc.) were designed to meet the current, targeted, demographic desires, rather than simply putting new decals and minor undated to the existing interface design. Of course, software and some electronics will redeveloped for the new product.

You need to recommend one Economic Analysis tool best evaluates the predicted cost of the development project of the comparison methods (Present Worth, IRR ROR, payback Period Method, sensivity & Break-even analysis, or another ) would give your team the best tool for judging which path to take, based upon economic considerations?

No actual computations! Give your choice of analysis and why, its relative to this development project.