It may be called as Concurrent engineering, also known as
simultaneous engineering. It is a method of designing and
developing products, in which the different stages run
simultaneously, rather than consecutively. It decreases product
development time and also the time to market, leading to improved
productivity and reduced costs.
Concurrent Engineering is a long term business strategy, with
long term benefits to business. Though initial implementation can
be challenging, the competitive advantage means it is beneficial in
the long term. It removes the need to have multiple design reworks,
by creating an environment for designing a product right the first
time round.
