In this landmark book, Preston Smith attributes the recent decline in innovation to pressure from financial markets that drives management toward rigid development approaches such as phased development processes, Six Sigma, and project office. These processes have unintentionally (but effectively) made changes during development more difficult, disruptive, and expensive, while the need for change continues at an accelerating pace. Flexible Product Development is a hands-on resource that provides the tools and strategies needed to restore flexibility to any organization and remove the obstacles that stand in the way of responsive new product development. Preston Smith introduces approaches that can enhance development process flexibility by creating and maintaining development options, delaying decisions, and, in general, reducing the cost of change. Step-by-step, he explains the basics of flexible product development, provides a broad array of flexibility-enhancing tools, and guides the reader in modifying the organization's values to embrace this new way of operating.