This paper reports on an evaluation of product development methodologies adopted by Brazilian small and medium enterprises (SMEs) operating in a specific region of the state of São Paulo. The companies belong to the metal-mechanical industry. The instrument for collecting data was a questionnaire, which was divided into subjects and developed and applied in on-the-spot interviews by the researchers on a sampling group of 32 companies. The main focus of this paper is to answer the question “Can a Formal Methodology be identified in the Product Development Procedures?” and to verify the possible correlation between the answers to this and other questions regarding product development. The answers to the questions were analyzed and consolidated, providing the results, which were then evaluated directly (through the percentages of the answers to each question) and statistically (through the search for an index indicating a correlation between two questions).