Requirements and Characteristics of a Good System Design

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What requirements do we have to consider before designing a system? What are the characteristics of a good system design?
 
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A good system meets or exceeds the specified performance parameters, on or under budget and in proper time. Parameters include, maintenance downtime and expense, operating costs, useful lifetime, etc..
 
"A designer knows he has achieved perfection not when there is nothing left to add, but when there is nothing left to take away."
- Antoine de Saint-Exup'ery
 
That's a really nice quote, suolintu. Minimalism is always best; the less stuff you put in, the less there is to screw up. That's why I'm such a fan of 'multitasking' components. Whenever possible, I try to design multiple functions into each part. For instance, if one function needs a motor and cam, and another function needs another motor and cam, I'll put the two cams on the same motor (maybe with intermediate gearing for speed differentials). It's less likely that a couple of gears will pack it up than a whole motor assembly will. There's also the weight-saving, as well as the elimination of a bunch of electrical harnessing.
As another 'for instance', if you have to pump water from point 'A' to point 'B' in a system than might get hot, it makes more sense to incorporate a cooling jacket and radiator into the water path than to add a whole external system for temperature control.
This, obviously, is not always practical, but it's a good rule-of-thumb.