In todays turbulent and competitive environment the need for deploying product development investments more efficiently and effectively is stronger than ever. To assist managers in this context, two conceptual tools to support the performance evaluation process in a product development context have been developed, based on extensive exploratory case studies. Results indicate that it is common to associate performance measures with time, cost and quality; missing is the monitoring of the value created. It is argued that there needs to be a change in the perception of performance, before there can be any changes in the performance evaluation system.