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Prince was built 1863 and operated 1864–1936, 1955–1968, 1980-present, a product life of over 150 years, a service life of around 125 years. Product lifetime or product lifespan is the time interval from when a product is sold to when it is discarded. [1]
The time-frame after the last production date depends on the product and relates to the expected product lifetime from a customer's point of view. Different lifetime examples include toys from fast food chains (weeks or months), mobile phones (3 years) and cars (10 years). [citation needed]
The technology life cycle (TLC) describes the commercial gain of a product through the expense of research and development phase, and the financial return during its "vital life". Some technologies, such as steel, paper or cement manufacturing, have a long lifespan (with minor variations in technology incorporated with time) while in other ...
Again, an airliner might have a mission time of 11 hours, a predicted active MTBF of 10,000 hours without maintenance (or 15,000 hours with maintenance), reliability of .99999, and a service life of 40 years. The most common model for item lifetime is the bathtub curve, a plot of the varying failure rate as a function of time.
In economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is the concept of policies planning or designing a product with an artificially limited useful life or a purposely frail design, so that it becomes obsolete after a certain predetermined period of time upon which it ...
Enterprise life cycle (ELC) in enterprise architecture is the dynamic, iterative process of changing the enterprise over time by incorporating new business processes, new technology, and new capabilities, as well as maintenance, disposition and disposal of existing elements of the enterprise.
The design life of a component or product is the period of time during which the item is expected by its designers to work within its specified parameters; in other words, the life expectancy of the item. It is not always the actual length of time between placement into service of a single item and that item's onset of wearout.
Future lifetime at a given time is the time remaining until death, given survival to age . Thus, it is T − t 0 {\displaystyle T-t_{0}} in the present notation. The expected future lifetime is the expected value of future lifetime.