TRADITIONAL METHODS AND PRACTICES FOR PRODUCT DEVELOPMENT ARE NO LONGER APPROPRIATE. FAST PACED AND FREQUENT PRODUCT CHANGE AND/OR REPLACEMENT ARE BEING DEMANDED BY CUSTOMERS WHOSE EXPECTATION FOR QUALITY AND SERVICE HAVE NEVER BEEN HIGHER. SURVIVAL IN THIS ENVIRONMENT REQUIRES COMPETITORS TO CHOOSE A STRATEGY WHICH ATTACKS, RETREATS OR PARTNERS WITH COMPETITION, AND THEN EXECUTE RAPIDLY TO GAIN A COMPETITIVE ADVANTAGE. INTEGRATING ALL OF THE KEY BEST PRACTICE ELEMENTS OF A TIME-BASED STRATEGY IS VITAL. FROM CAREFULLY DETAILED PLANNING AND GOAL SETTING THROUGH A STREAMLINED, EMPOWERED ORGANIZATION WHERE CONCURRENT ENGINEERING USING STRONG COMPUTER BASED TOOLS IS PRACTICED, TO THE EFFICIENT FACTORY WHERE WORLD CLASS PROCESSES PROVIDE HIGH-QUALITY LOW-COST OUTPUT.