Abstract:
In today's Manufacturing environment the optimal use of resources is a major concern i.e. the utilization of full potential of available resources is indispensable, so as to survive in competitive markets.
Industrial Engineers in today's environment require means to develop the existing products quickly and efficiently. The Concept of Product Development is not new for an Industrial Engineer. It is the step by step process of improvement in the product design and process. The conventional approaches of product development are often very much time consuming e.g. normal factorial approach becomes unfeasible or sometimes impractical when number of variables increases.
The development, reliability and safety of the products are major concern, but in today‟s competitive environment cost of above aspects have large contribution to overheads of an enterprise. The significance of above factors is still there but at what cost?
The crucial matter in a competitive environment is that how speedily new design, material or fabrication technique is introduced, as the suitable conditions to grab the competitive advantage last for very tiny period of time .Slow responsiveness in this regard instead of befitting may lead to catastrophic high cost
