Rapid technological development is not only profitable but represents a kind of know‐how that yields great competitive advantage. Modelling is used to show the extraordinary profit advantage in reducing product development lead time. Examples are then given of ways in which rapid technological development can be a competitive weapon. There are three key variables influencing success in using it: rate of change of product designs, number of models in existence, complexity of the product. A strategy for innovation is outlined; recommendations are made for idea generation and problem solving, and for achieving quality in product planning. Finally the article analyses the elements in speedy project execution, including allocation of the time of critical personnel.
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