• Understand the application of structured methods to develop a product.
UNIT I INTRODUCTION
Defining Product, Types of products. Product development – characteristics, duration and cost, challenges. Development Process: Generic Process- Adapting to product types. Evaluation – decay curve – cost expenditure curve.
UNIT II PRODUCT PLANNING
Product Planning Process – Steps. Opportunity identification – breakdown structure- product development charter. Product Life Cycle. Technology Life Cycle – Understanding Customer Needs – Disruptive Technologies- Product Specification – Concept Generation – Activity- Steps-Techniques.
UNIT III PRODUCT CONCEPT
Product market – perfect and imperfect market – different market structures – Firm’s equilibrium and supply – Market efficiency – Economic costs of imperfect competition – factor market – Land, Labour and capital – Demand and supply – determination of factor price – Interaction of product and factor market – General equilibrium and efficiency of competitive markets.
UNIT IV INDUSTRIAL DESIGN AND DESIGN TOOLS
Industrial Design, Design for Manufacturing-Value Engineering-Ergonomics-Prototyping-Robust Design- Design for X-failure rate curve-product use testing-Collaborative Product development- Product development economics-scoring model- financial analysis.
UNIT V PATENTS
Short-run and Long-run supply curve – Unemployment and its impact – Okun’s law – Inflation and the impact – reasons for inflation – Demand Vs Supply factors –Inflation Vs Unemployement tradeoff – Phillips curve –short- run and long-run –Supply side Policy and management- Money market- Demand and supply of money – money-market equilibrium and national income – the role of monetary policy.
TOTAL: 45 PERIODS
• Student gains knowledge on how a product is designed based on the needs of a customer.