4. Explain the importance of standardisation.

The design activity that reduces variety among a group of products or product parts is called standardization. In other words, standardization in the production process ensures that the lot of products or parts manufactured are equal in size, shape, weight & quality. It is very important to standardize production. The reasons are, y Standardization allows bulk production, without changing the production setup. Because the products are identical, no change in inputs such as raw material & machine setup is required & the product can be produced in large volume. To produce in large volume, the factory purchases raw material in large quantity & thus the cost of inventory per unit is lowered. Hence, the cost of production is lowered in standardized production. Standardization also results in lower inventory investment. The quality of product improves. Mechanization is easier when production is standardised.

y y y

5. What are the risks involved in the various phase of the new product development cycle? Four risk-domains are taken into account. 1. Technology Risk: product design and platform development, manufacturing technology and intellectual property 2. Market Risk: consumer and trade acceptance, public acceptance and potential actions of competitors 3. Finance Risk: commercial viability 4. Organization Risk: internal organization, project team, co-development with external parties and supply and distribution For all these domains, the principal question is what is new or different in the knowledge and skills this project requires of the company in general and the project team in particular. In this case lots of risk involved like technology risk in which The entire crankshaft assembly, the values, the rockers-arms and rocker-pins which form major part of four-stroke engine, is housed in the cylinder head, so the cylinder head was the most difficult part to develop.

Also a market risk because if product is not successful in the market then all the costs that incurred also waste and reputation of the product and company also go down and company lose all the potential customer Finance risk because the parts used in manufacturing the product like the entire crankshaft assembly, the values, the rockers-arms and rocker-pins which form major part of four-stroke engine, is housed in the cylinder head is too costly and if product fail then its too costly for a company to handle it . Company also wants to reduce the tolerance level by deciding the thickness and diameter of valves