Title :
A framework for incorporating time, cost, and fidelity trade-offs among design assessment methods in product development
Author :
Johnson, Michael D.
Author_Institution :
Dept. of Eng. Technol. & Ind. Distrib., Texas A&M Univ., College Station, TX, USA
Abstract :
Product development performance is of great importance in the current competitive market. Engineers and managers have a wide array of design tools at their disposal to assess alternative designs and determine their fitness. The selection of assessment methods can have a significant impact on project risk (the failure to meet lead time or budgetary constraints). A framework for evaluating such decisions and tradeoffs for development projects using Monte Carlo simulations and optimization is presented. Case study results show that alternative assessment methods can be used to achieve certain cost, lead time, or certainty goals.
Keywords :
Monte Carlo methods; optimisation; product development; project management; risk management; Monte Carlo simulation; competitive market; design assessment; design tool; optimization; product development; project development; project management; project risk; Costs; Design engineering; Design methodology; Engineering management; Product development; Project management; Prototypes; Signal design; Time factors; Waste management; Project management; cost; lead time; risk;
Conference_Titel :
Industrial Engineering and Engineering Management, 2009. IEEM 2009. IEEE International Conference on
Conference_Location :
Hong Kong
Print_ISBN :
978-1-4244-4869-2
Electronic_ISBN :
978-1-4244-4870-8
DOI :
10.1109/IEEM.2009.5373270