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Over a two-semester sequence, senior electrical and computer engineering students at The University of Texas at El Paso, working in three-person teams, engage in the primary activities associated with new product development. The first semester includes definition of product (or system) functional and performance goals, R&D project scheduling and staffing, documentation of a high level architecture and detailed design with simulation or modular partial-prototyping. The second semester is devoted to the development of a complete functional prototype or working model with the attendant bench work, design revisions and documentation updates. First semester deliverables include requests for proposals, formal written and oral proposals with Gantt charts and architecture block diagrams, midpoint oral progress reports and an initial design documentation package including schematics, flowcharts, parts lists, simulation results and a theory of operation narrative. The second semester culminates with faculty and industry visitors evaluating the functionality at a poster session and the understanding and discussion of their work at formal oral presentations, as well as a final package of "as-built" documentation. This paper discusses the detailed structure and scheduling of the courses and changes that have been implemented over the last few years to increase the project-performance success rate and reduce the number of incompletes, including concepts borrowed from cooperative learning and formal project management.