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Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.
The CSI Construction Product Representation Practice Guide (PRPG) provides a detailed discussion of the sales and marketing of products used in the construction process, and the contributions that knowledgeable product representatives are expected to make to the design, construction, and maintenance of facilities.
A sample is a physical portion of the specified product. Some samples are full product samples, such as a brick or section of precast concrete, or a partial sample that indicates color or texture. [2] The product sample is often required when several products are acceptable, to confirm the quality and aesthetic level of the material.
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]
Figure 4. Example of different business processes depending on configuration lifecycle management. Behind the seemingly simple process of configuring and ordering a configurable product, such as a car, lie several business processes of which configuration is an essential part:
Product life cycle can be viewed as an important source of investment decision for the company. If a company or brand wants to make sure that its products are successful, it needs to study the product life cycle to analyze market attractiveness and supplement the conclusion before it launches a new product or enters a new market. [15]
Previous research shows that 70–80% of the final product quality and 70% of the product entire life-cycle cost are determined in the product design phase, therefore the design-manufacturing interface represent the greatest opportunity for cost reduction. [15] Design projects last from a few weeks to three years with an average of one year. [16]
Product lifecycle management is a strategy for efficiently managing information about a product (and product families, platforms, modules, and parts) during its product lifecycle. [5] Researchers have described how integrating a digital twin—a digital representation of a physical product—with modular design can improve product lifecycle ...
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