Having another engineer review the design before prototyping is one of the best ways to reduce your development cost as well as reduce the total development time.
How to Save Money and Reduce Risk Developing a New Electronic Hardware Product
John Teel
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This might be fine for the initial schematic, but it would only help in giving some recommendations in improving a design of a product. The recommendations would be have to come from a number of skilled new product development design level engineers….in the least a design, power, and mechanical engineering expert….possible a senior level engineering hardware architect.

However, to get at a plan for achieving a path for reduced costs for parts, assembly, testing, purchasing, product safety — agency testing and meeting environmental directives, and securing manufacturing costs….most senior level engineers are not equipped well to offer useful recommendations in these areas. It takes a team to map a strategy in these areas. And there is quite the difference between building for a few hundred finished products ready for shipping, a few hundreds of thousands and a few million. And then there are the costs to meet the toughened US export and ITAR regulations especially for shipping product to international markets.

Initial product design takes time and a good investment. Focusing on what is the cheapest rarely ends up with a quality and desirable product. Best, IMO, to develop a product well, work on costs as you go through versions and revisions without selling your efforts short and being able to understand that there needs to be sufficient funds generated — headroom in the selling price — to account for increases in costs and lead times to shipping to customers. I’m essentially saying build it right to the best of your ability the first time. Don’t cut corners. Good R&D is worth the extra cost if it means you can produce a product that is both desirable and is of high reliability and lower returns.

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