The product realization process, which consists of product planning, design, process planning, and manufacturing. The development time is an important factor. Accelerated development of the product results in a longer sales life, a marketplace advantage by gaining early customers, a pricing advantage for the company, and the ability to use more up-to-date technology in the product. An increase in development time has a much greater effect on profits than, an increase in production costs or development costs. The decision regarding accelerated product development must consider the trade-off among the parameters of interest as are product features, product cost, development speed, and development expense. Often, the development of a product is delayed in the early stages because, no one in the company realizes its importance. Another factor that can cause delays is when a company tries to develop an entirely new product, often using new technology- There is less risk if a product is improved in stages, using only tried and tested technology. The chief factors that facilitate faster development of products are better communication between departments, which also leads to lower cost and higher quality products. The company increases its market share and enjoys higher profits by the early introduction of a product.
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