the term used to describe a group who are drawn from different disciplines to work on a problem within the firm. For example, a new product analysis concurrent engineering team may consist of a production engineer, cost accountant, marketing specialist etc. Thus, concurrent engineering can reduce product development time allowing the product to be brought to market more quickly and at a reduced cost. Typically also used as the basis for a team in VALUE ANALYSIS. See NEW PRODUCT DEVELOPMENT. See also MATRIX.