(Johansen, 2005).Loch and Kavadias (2008) in the “Handbook of NewProduct Development Management” define NPD to“consists of the activities of the firm that lead to a stream of new or changed product market offerings over time .This includes the generation of opportunities, theirselection and transformation into artifacts (manufactured products) and activities (services) offered to customers and the institutional ization of improvements in the NPD activities themselves”.