STRATEGIC PRODUCT DESIGN IN MECHANICAL ENGINEERING
Using a case study coming from a mechanical engineering background, the author of this paper describes and illuminates the process of optimal product design selection. Using an application of the Life Cycle Cost (LCC) method, it is shown that various cost types can and should be taken into account, ranging over the whole life of the product from its inception to disposal, as related to an appropriate unit of utility It is also demonstrated that in order to achieve maximum effect, such a comprehensive economic analysis should ideally be undertaken at a very early stage of the product’s life cycle, and that advanced techniques, such as sensitivity analyses and simulations, will typically be required in order to properly handle the various processes and uncertainties, contained in any realistic life cycle model.