This study aims to design a new model for selecting most fitting new product development projects in a pool of projects. To catch the best model, we assume new products will be introduced to the competitive markets. Also, we suppose the revenue yielded by completed projects can be reinvested on implementation of other projects. Other sources of financing are borrowing loans from banks and initial capital of the firm. These limited resources determine most evaluated projects to be performed. Several types of interactions among different projects are considered to make the chosen projects more like a portfolio. In addition, some numerical examples from the real world are provided to demonstrate the applicability of the proposed model. These examples show how the particular considerations in the suggested model affect the results.

Reviewing the evolutionary trend of the models used in design and development of mechatronic products reveals the necessity for integration of the design characteristics and requirements in various engineering fields. Such products should agilely embrace rapid, persistent and complex requirements in competitive environments. This research aims to develop an integrated model for designing and developing mechatronic products within the context of agile production system. The study tries to eliminate unnecessary stages of design and simulation of products and increase the number of tested ideas. This suggests a distinction between product innovation and product improvement cycles and thus makes employing a pre-active approach to responding possible. Since the term “mechatronic products” is often used interchangeably with “robots”, one of the most commonly used types of them, i.e. tracer robot is considered as the statistical population for the proposed study. By choosing experimental (laboratory) research method, two categories of tracer robots are created: the tracer robots based on the V-model as the only integrated existing model and the robots based on the W-model as the model proposed by this study with a sample size of 35 sets in each group. The results indicate that both method provide acceptable validity although one model seems to perform better than the other one.