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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 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 ...
Renewal theory texts usually also define the spent time or the backward recurrence time (or the current lifetime) as () = (). Its distribution can be calculated in a similar way to that of the residual time. Likewise, the total life time is the sum of backward recurrence time and forward recurrence time.
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.
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 ...
Life span development can be defined as age-relating experiences that occur from birth to the entirety of a human's life. The theory considers the lifelong accumulation of developmental additions and subtractions, with the relative proportion of gains to losses diminishing over an individual's lifetime. [14] According to this theory, life span ...
Accelerated life testing is the process of testing a product by subjecting it to conditions (stress, strain, temperatures, voltage, vibration rate, pressure etc.) in excess of its normal service parameters in an effort to uncover faults and potential modes of failure in a short amount of time.
So far, empirical research from a life course perspective has not resulted in the development of a formal theory. [8] Glen Elder theorized the life course as based on five key principles: life-span development, human agency, historical time and geographic place, timing of decisions, and linked lives. As a concept, a life course is defined as "a ...