Product life cycle management and abrasion

Configuration management Concurrent engineering workflow[ edit ] Concurrent engineering British English: Although this does not necessarily reduce the amount of manpower required for a project, as more changes are required due to the incomplete and changing information, it does drastically reduce lead times and thus time to market. Feature-based CAD systems have for many years allowed the simultaneous work on 3D solid model and the 2D drawing by means of two separate files, with the drawing looking at the data in the model; when the model changes the drawing will associatively update. Some CAD packages also allow associative copying of geometry between files.

Product life cycle management and abrasion

And just like us, these products have a life cycle. Older, long-established products eventually become less popular, while in contrast, the demand for new, more modern goods usually increases quite rapidly after they are launched.

Because most companies understand the different product life cycle stages, and that the products they sell all have a limited lifespan, the majority of them will invest heavily in new product development in order to make sure that their businesses continue to grow.

Product Life Cycle Management

Product Life Cycle Stages Explained The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.

Introduction Stage — This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing.

Growth Stage — The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase.

This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.

Product Life Cycle Examples

Maturity Stage — During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.

They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage. This shrinkage could be due to the market becoming saturated i.

Product life cycle management and abrasion

While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets. Here is the example of watching recorded television and the various stages of each method: However, the key to successful manufacturing is not just understanding this life cycle, but also proactively managing products throughout their lifetime, applying the appropriate resources and sales and marketing strategies, depending on what stage products are at in the cycle.Aug 16,  · Product life cycle management is the application of different strategies to help meet these challenges and ensure that, whatever stage of the cycle a product may be going through, the manufacturer can maximize sales and profits for their product.

Product Life Cycle Management.

Product life cycle management and abrasion

The product life cycle stages are 4 clearly defined phases, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products. Stages include introduction, growth, maturity and decline and are explained in detail here.

Product life cycle management is the application of different strategies to meet market challenges and ensure that, whichever of the product life cycle stages a product may be going through, the manufacturer can maximize sales and profits for their product.

Business Drivers for PLM Business Drivers Maximise profitability at each life cycle phase Keeps Integrity of Product Definition though its life Mass Customisation Traceability (Warranty / Quality) Shorter & complex Product Life Cycle Global Competition Product Portfolio Management Spare / Parts Management Shortening Time to Market .

Project Management Life Cycle Chi Zhang Herzing University MBA Operations and Projects Management Dr. Gary Hanney Abstract To control the process of a project and manage the operation of a project, the theory of project management life cycle is . Product Life-Cycle Management (PLM) Enhancing Operational Capability PLM has been defined as “the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.”.

A Guide For Product Life Cycle Management