The product development process that I have the most experience with is a software engineering process developed at IBM called RUP (Rational Unified Process). This process is the backbone of the business outsourcing movement. It isn't a general design process, but rather the process one would start when creating a piece of software. Since I think we are ultimately talking about software development as the outcome of our design meetings, I think it is worthwhile to mention. The benefit of RUP is that it is iterative, meaning that you don't have to fully spec-out a system ahead of time (whereas with a Waterfall approach you have to complete the entire specification before beginning). Some of the key ideas with RUP are the following: - Attack major risks early and continuously (things that could get you stuck) - Accommodate change as early as possible in the project - Stay customer driven The major stages of the RUP process include the following: Inception, Elaboration, Construction and Transition. These stages can be hashed through several times throughout the life of the project Inception: Is the project financially worthy? Is it feasible? Elaboration: Addresses major risks, builds an early skeleton architecture of the system, and refine and evolves the project plans Construction: Focuses on detailed design, implementation, and testing to flesh out a complete system Transition: Fine-tuning of functionality, performance, and overall quality. For more info you can visit the Wikipedia entry or IBM RUP site.