Definition:
A practical approach to accelerating time to market through aggressive waste elimination in planning, resource management, design control and interdisciplinary communication.
Lean Product Development (LPD) compromises of driving waste out of the product development process, improving the way projects are executed and visualizing the product development process.
By closely examining the product development process from a lean perspective, the opportunities to drive out waste and increases value become obvious.
LPD capitalizes the Lean principles to meet the challenges in the Product Development.
Lean Product Development solves the following issues:
- Reduction of long development cycle times
- Reducing the high costs of development
- Reduction of production costs
- Redevelopment cycles
Further Reading:
https://en.wikipedia.org/wiki/Lean_product_development
http://insights.btoes.com/resources/lean-production-and-product-development
