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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]
A generic lifecycle of products. In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design, and manufacture, as well as the service and disposal of manufactured products.
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 ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.
Life cycle inventory (LCI) analysis involves creating an inventory of flows from and to nature (ecosphere) for a product system. [32] It is the process of quantifying raw material and energy requirements, atmospheric emissions, land emissions, water emissions, resource uses, and other releases over the life cycle of a product or process. [33]
Plant lifecycle management; Plant Simulation; Predictive engineering analytics; Product and manufacturing information; Product data management; Product data record; Product structure modeling; ProductCenter; Professional Systems Associates; Project manager; Protecode
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:
In this industry, the product starts out at the brainstorming stage and only finishes when the new drug becomes FDA approved, at which point it can be released into the market. Pharmaceutical firms such as GlaxoSmithKline will often have many drugs in development stages, with relatively few making it to the end of the product pipeline.