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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]
The concept of product life cycle (PLC) concerns the life of a product in the market with respect to business/commercial costs and sales measures. The product life cycle proceeds through multiple phases, involves many professional disciplines, and requires many skills, tools and processes.
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 ...
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]
The Y-axis of the diagram shows the business gain to the proprietor of the technology while the X-axis traces its lifetime. 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 ...
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]
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Digital thread, also known as digital chain, [1] is defined as “the use of digital tools and representations for design, evaluation, and life cycle management.”. [2] It is a data-driven architecture that links data gathered during a Product lifecycle from all involved and distributed manufacturing systems. [3]