Lean product development (LPD) is the application of lean principles to
product development, aiming to develop new or improved products that are
successful in the market. It is a cross-functional activity that seeks
to uncover product knowledge hidden within the end-to-end production
flow, typically in the hand-over points between functional units. LPD
deals with the complete process from gathering and generating ideas,
through assessing potential success, to developing concepts, evaluating
them to create a best concept, detailing the product, testing/developing
it and handing over to the manufacture. LPD is performed against a
background of continuously assessing and reducing risk of market
failure.
Lean Product Development: A manager's guide explains what needs to be
done in order to successfully complete the complex task of developing
products. It describes how you set up and run each project according to
its particular needs and covers planning your profitability, cutting out
waste, creating a market winner and how to control risk. It also
contains some practical tools and techniques that help to cut time and
cost.