New product developmentComplete process of bringing a new product to market The Ansoff matrix compares market penetration, product development, market development and diversification. In business and engineering, new product development (NPD) or simply product development is the complete process of bringing a new product to market. Product development also includes renewing an existing product and introducing a product into a new market.
Smart manufacturingSmart manufacturing is a broad category of manufacturing that employs computer-integrated manufacturing, high levels of adaptability and rapid design changes, digital information technology, and more flexible technical workforce training. Other goals sometimes include fast changes in production levels based on demand, optimization of the supply chain, efficient production and recyclability.User-centered designUser-centered design (UCD) or user-driven development (UDD) is a framework of processes in which usability goals, user characteristics, environment, tasks and workflow of a product, service or brand are given extensive attention at each stage of the design process. This attention includes testing which is conducted during each stage of design and development from the envisioned requirements, through pre-production models to post-production.Value chainA value chain is a sequence of activities that an organization performs to design, produce, market, deliver, and support goods or services for customers. The concept was introduced by Michael Porter in Competitive Advantage: Creating and Sustaining Superior Performance (1985) as a framework for analyzing how firms create value and achieve competitive advantage through coordinated business processes.
Building information modelingProcess for digital management of built assets Building information model of a mechanical room developed from lidar dataChief Architect Software doing a section cut renderingBuilding information modeling (BIM) is an approach involving the generation and management of digital representations of the physical and functional characteristics of buildings or other physical assets and facilities. BIM is supported by various tools, processes, technologies and contracts.
Market failureIn neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian writers John Stuart Mill and Henry Sidgwick.
Early adopterAn early adopter or lighthouse customer is an early customer of a given company, product, or technology. The term originates from Everett M. Rogers' Diffusion of Innovations (1962). HistoryTypically, early adopters are customers who, in addition to using the vendor's product or technology, also provide considerable and candid feedback to help the vendor refine its future product releases, as well as the associated means of distribution, service, and support.
3D printingAdditive process used to make a 3D objectTimelapse of a three-dimensional printer in action
World Wide WebThe World Wide Web (also known as WWW, W3, or simply the Web) is a global interconnected information system that enables content sharing over the Internet. It facilitates access to documents and other web resources according to specific rules of the Hypertext Transfer Protocol (HTTP). The Web was invented by English computer scientist Tim Berners-Lee while at CERN in 1989 and opened to the public in 1993. It was conceived as a "universal linked information system".
ErgonomicsDesigning systems to suit their usersPractical demonstrations of ergonomic principlesErgonomics, also known as human factors or human factors engineering (HFE), is the scientific study to understand the interaction between humans and other elements of a system, and the profession that applies theory, principles, data, and methods to design in order to optimize human well-being and overall system performance.*As an Amazon Associate I earn from qualifying purchases.