A well-designed performance measurement system can assess the impact of product development on the whole company. To this end, a set of suitable product development measures can provide valuable information for managing the activities and continuous improvement of the product development process. In this paper, via our literature review, we first establish the gaps with regards to the product development performance measurement. Then, we identify performance criteria for assessing product development process effectiveness based on competitive priorities (cost, quality, flexibility, delivery and innovation) followed by an ANP analysis to develop a model for Product Development Performance Monitoring (PDPM). Finally, using a two tier survey setting, the validity and reliability of the PDPM model are ascertained, and field data for its usage as an assessment tool for product development is demonstrated. The field study was conducted by participation of a sample of manufacturing companies in Turkey.