Potential Advantage of Using Concurrent Engineering Faster time to market which results in increased market share. Lower manufacturing and production costs. Improved quality of resulting end products. Increased positioning in a highly competitive world market. Increased accuracy in predicting and meeting project plans, schedules, timelines, and budgets. Increased efficiency and performance. Higher reliability in the product development process. Reduced defect rates. Increased effectiveness in transferring technology. Increased customer satisfaction. Ability to execute high level and complex projects while minimizing the difficulties. Shorter design and development process with accelerated project execution. Higher return on investments. Reduction or elimination of the number of design changes and re-engineering efforts at later phases i n the development process. Reduced labor and resource requirements. Ability to recognize necessary design changes early in the development process. Increased innovation by having all players participate in the concept development phase. Ability to design right the first time out / First time capabilities. Overlapping capabilities and the ability to work in parallel. Increased cohesiveness within the firm. Improved communication between individuals and departments within the firm. Lower implementation risks. Faster reaction time in responding to the rapidly changing market. Lower product and process design and development costs. Improved inventory control, scheduling and customer relations. Back