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Value and Waste in Product Development
Jim Womack dened value entirely from the customer’s perspective:
“e right product to the right customer at the right price and at the
right time.” A product is anything a company delivers to customers:
tangible products, soware, and services all must deliver value. ey all
go through a product development process (PDP) that transforms them
from an idea into something that a customer can purchase and use, as
well as operational processes to produce and deliver them. In theory, if
a product delivers sucient customer value relative to its competitors, it
will be a successful product.
Since t