The product development process is best managed by a sequence of development steps and decisions at defined milestones. Since the purpose of new products is to make money, cost and revenue projections are refined at each critical stage. If the cost model remains viable and development goals are achieved, a decision to move forward is obvious. If profit projections and technical hurdles appear, it may be time to modify or drop the project while the investment is still low.
The other important aspect of this process is optimization of resources, the most important being expertise and time. Enlisting expertise, internal and/or external, can reduce product development cycle time beating competition and capturing market opportunities.
John Demo Consulting Inc 
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