Product Development Continuum
Student Tip 
Fast communication, rapid technological change, and short product life cycles push product development.
As product life cycles shorten, the need for faster product development increases. And as technological sophistication of new products increases, so do the expense and risk. For instance, drug firms invest an average of 12 to 15 years and $1 billion before receiving regulatory approval for a new drug. And even then, only 1 of 5 will actually be a success. Those operations managers who master this art of product development continually gain on slower product developers. To the swift goes the competitive ...
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