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Cost Effective Product Design
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Concept Design
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Development
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Reliability Engineering
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Regulatory Approvals
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Manufacturing
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By spending time on a detailed concept phase most of the product issues are handled during a period without cost  implications    . This ensures that the  development phase has a much higher probability of running to time and budget.

Normally we would produce two iterations of  engineering model during this period with a very detailed review when the first model is available. This gives the opportunity of addressing improvement in performance and cost engineering in a cost effective manner.
Development
Technology Development