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The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
A generic lifecycle of products. 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.
Life cycle assessment (LCA) is sometimes referred to synonymously as life cycle analysis in the scholarly and agency report literatures. [7] [1] [8] Also, due to the general nature of an LCA study of examining the life cycle impacts from raw material extraction (cradle) through disposal (grave), it is sometimes referred to as "cradle-to-grave analysis".
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2]
Conceptual models have been designed in order to facilitate a smooth product development process. Booz, Allen and Hamilton Model: One of the first developed models that companies still use in the NPD process is the Booz, Allen and Hamilton (BAH) Model, published in 1982. [18]
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).
A product requirements document (PRD) is a document containing all the requirements for a certain product. It is written to allow people to understand what a product should do.
Sustainable products are products either sustainably sourced, manufactured or processed and provide environmental, social, and economic benefits while protecting public health and the environment throughout their whole life cycle, from the extraction of raw materials to the final disposal.