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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.
Life-cycle cost analysis (LCCA) is an economic analysis tool to determine the most cost-effective option to purchase, run, sustain or dispose of an object or process. The method is popular in helping managers determine economic sustainability by figuring out the life cycle of a product or process.
Some practitioners of PCM are mostly concerned with the cost of the product up until the point that the customer takes delivery (e.g. manufacturing costs + logistics costs) or the total cost of acquisition. They seek to launch products that meet profit targets at launch rather than reducing the costs of a product after production.
The following outline is one such model, based on the Process Reengineering Life Cycle (PRLC) approach developed by Guha. [13] Simplified schematic outline of using a business process approach, exemplified for pharmaceutical R&D Structural organization with functional units; Introduction of New Product Development as cross-functional process
"Form a team for each product to stick with that product during its entire production cycle", "Enter into a dialogue with the customer" (e.g. Voice of the customer) The Value Stream: Identify the value stream for each product providing that value and challenge all of the wasted steps (generally nine out of ten) currently necessary to provide it
A company's place on the matrix depends on two dimensions – the process structure/process lifecycle and the product structure/product lifecycles. [2] 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). [2]
Even though important, input indicators like the unit production cost should not be seen as sole indicators of operational efficiency. When measuring operational efficiency, a company should define, measure and track a number of performance indicators on both the input and output side. The exact definition of these performance indicators varies ...
During the operational phase, a product owner may discover components and consumables which have reached their individual end of life and for which there are Diminishing Manufacturing Sources or Material Shortages (DMSMS), or that the existing product can be enhanced for a wider or emerging user market easier or at less cost than a full redesign.
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