Step 1: Understand what concept selection means:
Concept selection is the stage in product design where a team picks the best idea out of many.
It comes right after concept generation, when several rough ideas for the product already exist.
Step 2: List the real steps used in this stage:
Teams usually build a selection matrix first, a table that lists each concept against a set of criteria.
\[ \text{Build matrix} \to \text{Rate concepts} \to \text{Rank concepts} \to \text{Combine and improve} \]
They score and rank the concepts, then often combine the strong parts of different concepts into a better hybrid one.
Step 3: Check option (A).
Preparing a selection matrix is the first real step of this stage, so this option is a genuine part of concept selection.
Step 4: Check option (B).
Ranking the concepts comes right after rating them in the matrix, so this is also part of the process.
Step 5: Check option (C).
Combining and improving concepts is a known technique used to build a stronger hybrid concept before final selection, so it belongs here too.
Step 6: Check option (D).
A detailed cost model needs a firm design with real dimensions and materials, which only exists after a concept is already chosen.
So building a cost model happens later, in detailed design or costing, not during concept selection.
Final Answer:
Development of a cost model is not a step of concept selection.
\[ \boxed{\text{Option (D)}} \]