In this section project Anchors were introduced and discussed. These anchors, which exist in any development project, are the 'handles' that allow monitoring and control of the project. It has been demonstrated that if any one (or more) of the Anchors is altered during the project, then other anchors most likely will be unintentionally altered. The results are generally project delays, cost over-runs, product design deterioration and production inefficiencies. These anchors must be well thought out prior to the start of the development project, firmly 'planted' and then monitored during the project. Changes can then be either prevented or managed proactively; risks will ultimately be lowered.

One of the most overlooked tasks in executing a product development project is to give proper consideration to what is required to move the engineered product into production. Regardless of the complexity of the design and production volume of the product, neglecting the transition can upset the best-laid plans for resource and funding allocation.

Some distinguish this 'no-man's land' from design engineering as product engineering (PE). PE is the business, technical and management effort that ensures the product design is valid (what the market, users and regulatory agencies require) and reproducible (what manufacturing needs to replicate the product economically and efficiently) and meets the business case (expected costs are achieved).

The same anchors and skills as outlined in this article can be used to monitor product engineering. So, be aware that the PE activity must take place at an operational level higher than either development engineering or production… it must cover the business and product-requirements aspects to ensure that the basic business obligation (profit) is kept in sight.

Before embarking on a product development project, a total assessment of the product's expected life cycle should be examined to, among other things, decide how to initially apportion 'limited' funds and time to the various development project activities in order to get the most 'development bang for the buck'.

The funding and time apportionment must be based on a thorough, up-front analysis of the product life cycle, the market, production, service and project requirements. When this is completed, funding is negotiated with the investing entity and then apportioned appropriately to the product development functions.

Then take a lesson from the financial community… 'Hedge the Risk' by determining what contingency plans are needed.