Product development determines 80% of product cost. Significant costs can be reduced by design for the right parts, a substitutable  supply chain from the beginning, labor, materials overhead and quality

New Product Introduction

Significant cost can be avoided by ensuring proper management of the pre-production builds, development schedule, and initial ramp-up.

It is also critical for companies to effectively manage the Product Life Cycle (PLC) of all products by defining the policies, high-level guidelines and best practices to be used for managing PLC.