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In industry, product lifecycle management ( PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. [ 1][ 2] PLM integrates people, data, processes, and business systems and provides a product information ...
Product lifetime or product lifespan is the time interval from when a product is sold to when it is discarded. [ 1] Product lifetime is slightly different from service life because the latter considers only the effective time the product is used. [ 1] It is also different from product economic life which refers to the point where maintaining a ...
Milestones in a product life cycle: general availability (GA), end of life announcement (EOLA), last order date (LOD), and end-of-life (EOL) An end-of-life product (EOL product) is a product at the end of the product lifecycle which prevents users from receiving updates, indicating that the product is at the end of its useful life (from the vendor's point of view).
Product life-cycle theory. The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come ...
Product life-cycle management (marketing) A model for the product sales lifecycle, with the assumption of four major phases: introduction, growth, maturity, and decline. Curve of sales as a function of the time of the product on the market. After a plateau in sales at product maturity, a steep decline can follow.
Application lifecycle management ( ALM) is the product lifecycle management ( governance, development, and maintenance) of computer programs. It encompasses requirements management, software architecture, computer programming, software testing, software maintenance, change management, continuous integration, project management, and release ...
The product life cycle concept consist of 4 stages: introduction, growth, maturity, obsolescence. [11] It outlines the stages the product was first introduced into the market until it is finally removed from the market. The length of the life cycle, duration of each stage and the shape of the curve vary widely for different products.
Life-cycle assessment. Illustration of the general phases of a life cycle assessment, as described by ISO 14040. Life cycle assessment ( LCA ), also known as life cycle analysis, is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product, process, or service.