The chapter provides insights into how open innovation and global product development can add value in a high value engineering environment, and how the impacts can be monitored and managed effectively. The chapter begins by introducing engineering design in a global context, and how open innovation approaches can support value creation and capture for high value engineering. It then highlights the importance and impact of strategic decision-making in global product development, utilising insights from global engineering companies to provide recommendations for managerial decision support. Finally, building on well-established concepts from performance measurement, a framework to support the development of key performance indicators in global engineering design projects is developed with its application exemplified in industry. This book provides a systematic framework for effectively creating value through engineering in global business networks, and contributes to an increasingly important branch of engineering operations.