15 Product Lifecycle Management Key Terms
Welcome to our quick guide on 15 key terms related to product lifecycle management! Whether you’re new to the field or looking for a refresher, these terms are essential knowledge for anyone involved in managing products.
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Product Lifecycle Management (PLM): A strategic approach to managing the entire lifecycle of a product from inception, through engineering design and manufacturing, to service and disposal.
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Product Development: The creation of a new product or improvement of an existing product to meet customer needs or market demands.
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Bill of Materials (BOM): A comprehensive list of parts, items, assemblies, and other materials required to create a product, along with their quantities.
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Computer-Aided Design (CAD): The use of computer systems to aid in the creation, modification, analysis, or optimization of a design.
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Computer-Aided Manufacturing (CAM): The use of software and computer-controlled machinery to automate a manufacturing process.
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Change Management: The process, tools, and techniques for managing the people-side of change to achieve the required business outcome.
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Configuration Management: A process for maintaining consistency of a product’s performance, functional, and physical attributes with its requirements, design, and operational information throughout its life.
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End-of-Life (EOL) Management: The final stage of a product’s lifecycle involving its discontinuation, removal, or replacement.
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Lifecycle Assessment (LCA): The assessment of the environmental impact of a product throughout its lifecycle.
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New Product Introduction (NPI): The complete process of bringing a new product to market.
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Product Data Management (PDM): The use of software to manage product data and process-related information in a single, central system.
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Rapid Prototyping: Techniques used to quickly fabricate a scale model of a physical part or assembly using three-dimensional computer-aided design (CAD) data.
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Supply Chain Collaboration: Working synergistically with suppliers and distributors to manage the flow of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.
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Time-to-Market: The period it takes from a product being conceived until its being available for sale.
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Version Control: The management of changes to documents, computer programs, large web sites, and other collections of information.
These terms cover a wide spectrum of concepts in PLM, providing a comprehensive overview of methodologies, strategies, and tools used to manage the lifecycle of a product efficiently and effectively.
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