Optimizing stakeholder value and reducing waste in new product development projects

G. Letens, E. M. Van Aken, J. A. Farris, C. Martínez

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

Applying lean thinking to product development requires the adaptation of "traditional" lean concepts, as many activities, such as specifying customer requirements, testing, measuring, and analyzing may be viewed as type 2 waste under the lean framework. Skipping or short-changing these steps may be disastrous in terms of end-product quality and customer service, as customers learn that the developer did not understand their true needs. Still, there is a clear need to eliminate waste in product development, in order to reduce lead-times and maximize stakeholder value. This paper proposes a structured approach to define an optimized product development process at the project-level. This approach focuses both on maximizing stakeholder value through better value identification methods, and promoting optimal flow, through the use of modern development techniques such as virtual prototyping and the reduction of project waste. The application of this approach is illustrated through case examples from an engineering support organization. Copyright

Original languageEnglish
Title of host publication30th Annual National Conference of the American Society for Engineering Management 2009, ASEM 2009
Pages838-847
Number of pages10
StatePublished - 2009
Event30th Annual National Conference of the American Society for Engineering Management 2009, ASEM 2009 - Springfield, MO, United States
Duration: Oct 14 2009Oct 17 2009

Publication series

Name30th Annual National Conference of the American Society for Engineering Management 2009, ASEM 2009

Conference

Conference30th Annual National Conference of the American Society for Engineering Management 2009, ASEM 2009
Country/TerritoryUnited States
CitySpringfield, MO
Period10/14/0910/17/09

Keywords

  • Concurrent engineering
  • Lean product development
  • New product development

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