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Each industry has several life-cycle models to consider, but most are relatively similar. Below is one possible life-cycle model; while it emphasizes hardware-oriented products, similar phases would describe any form of product or service, including non-technical or software-based products: [16]
Supply chain pyramid. An original equipment manufacturer (OEM) is a company that produces parts and equipment that may be marketed by another company.However, the term is ambiguous, with several other common meanings: an OEM can be the maker of a system that includes other companies' subsystems, an end-product producer, an automotive part that is manufactured by the same company that produced ...
In 2023, Gartner released a report titled, "Top Strategic Technology Trends in Asset-Intensive Manufacturing for 2023," in which it mentions that by 2026, configuration life cycle management will transform 40% of manufacturers, reducing the amount of customer-specific engineering required to deliver products. [10]
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 ...
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.
Product managers are responsible for managing a company's product line on a day-to-day basis. As a result, product managers are critical in driving a company's growth, margins, and revenue. They are responsible for the business case, conceptualizing, planning, product development, product marketing, and delivering products to their target ...
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Life cycle engineering is defined in the CIRP Encyclopedia of Production Engineering as: "the engineering activities which include the application of technological and scientific principles to manufacturing products with the goal of protecting the environment, conserving resources, encouraging economic progress, keeping in mind social concerns, and the need for sustainability, while optimizing ...