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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.
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]
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]
Life-cycle assessment (LCA or life cycle analysis) is a technique used to assess potential environmental impacts of a product at different stages of its life. This technique takes a "cradle-to-grave" or a "cradle-to-cradle" approach and looks at environmental impacts that occur throughout the lifetime of a product from raw material extraction, manufacturing and processing, distribution, use ...
This can enable comparisons between products fulfilling the same function. [1] The methodology to produce an EPD is based on product life cycle assessment (LCA), [2] following the ISO 14040 series of international standards, [3] [4] [5] and must be verified by an independent third-party before publication.
The C2C concept ignores the use phase of a product. According to variants of life-cycle assessment (see: Life-cycle assessment § Variants) the entire life cycle of a product or service has to be evaluated, not only the material itself. For many goods e.g. in transport, the use phase has the most influence on the environmental footprint.
Tires are an example of products subject to extended producer responsibility in many industrialized countries. Extended producer responsibility (EPR) is a strategy to add all of the estimated environmental costs associated with a product throughout the product life cycle to the market price of that product, contemporarily mainly applied in the field of waste management. [1]
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 ...