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Life-cycle cost analysis (LCCA) is an economic analysis tool to determine the most cost-effective option to purchase, run, sustain or dispose of an object or process. The method is popular in helping managers determine economic sustainability by figuring out the life cycle of a product or process.
PLM as a discipline emerged from tools such as CAD, CAM and PDM, but can be viewed as the integration of these tools with methods, people and the processes through all stages of a product's life. [12] [13] It is not just about software technology but is also a business strategy. [14] Product lifecycle management
The product life cycle proceeds through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. PLC management makes the following three assumptions: [citation needed] Products have a limited life and thus every product has a life cycle. Product sales pass through distinct stages, each posing ...
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 from the area where it was ...
Some practitioners of PCM are mostly concerned with the cost of the product up until the point that the customer takes delivery (e.g. manufacturing costs + logistics costs) or the total cost of acquisition. They seek to launch products that meet profit targets at launch rather than reducing the costs of a product after production.
MES may operate across multiple function areas, for example management of product definitions across the product life-cycle, resource scheduling, order execution and dispatch, production analysis and downtime management for overall equipment effectiveness (OEE), product quality, or materials track and trace. [2]
A company's place on the matrix depends on two dimensions – the process structure/process lifecycle and the product structure/product lifecycles. [1] The process structure/process lifecycle is composed of the process choice (job shop, batch, assembly line, and continuous flow) and the process structure (jumbled flow, disconnected line flow, connected line flow and continuous flow). [1]
Target costing is an approach to determine a product's life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price. [ 1 ]
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