Your Reliability Engineering Professional Development Site
Think of the “wasted energy” involved with products that require rework, redesigns, or fail to meet customer needs. In addition, a great deal of time and effort is often put into products after they have been developed to make them more profitable.
The goal of this article series is to help organizations proactively focus on maximizing customer value of products, and minimizing cost of operations during the product development process. Readers will also improve their understanding of problem solving and process improvement tools and methodologies. Some articles will provide high-level perspective while others will deep-dive into specifics.
While product development is not always perfect, companies can emphasize teamwork, establish a framework for innovation & problem solving, and eliminate waste. Meanwhile, employees can develop transferable, marketable skillsets with their knowledge of problem solving tools and methodologies. This article series will also help contribute to these objectives.
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Given our primary goal of developing a profitable product, our objective in the design process is to maximize customer value and minimize cost. From a financial analysis standpoint: we pursue products with the highest possible margins (ie. charge the customer “as much” as possible, and make the product for “as little” as possible). Of course we also want to sell “as many” as possible. [Read more…]
A generally accepted principle for a successful business is great people, processes & products. This can be further simplified as “maximizing customer value and minimizing cost” of the product.
Consider the following: