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15 Product Lifecycle Management Key Terms

15 Product Lifecycle Management Key Terms

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.

 

 

 

 

  1. 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.

     

  2. Product Development: The creation of a new product or improvement of an existing product to meet customer needs or market demands.

     

  3. Bill of Materials (BOM): A comprehensive list of parts, items, assemblies, and other materials required to create a product, along with their quantities.

     

  4. Computer-Aided Design (CAD): The use of computer systems to aid in the creation, modification, analysis, or optimization of a design.

     

  5. Computer-Aided Manufacturing (CAM): The use of software and computer-controlled machinery to automate a manufacturing process.

     

  6. Change Management: The process, tools, and techniques for managing the people-side of change to achieve the required business outcome.

     

  7. 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.

     

  8. End-of-Life (EOL) Management: The final stage of a product’s lifecycle involving its discontinuation, removal, or replacement.

     

  9. Lifecycle Assessment (LCA): The assessment of the environmental impact of a product throughout its lifecycle.

     

  10. New Product Introduction (NPI): The complete process of bringing a new product to market.

     

  11. Product Data Management (PDM): The use of software to manage product data and process-related information in a single, central system.

     

  12. Rapid Prototyping: Techniques used to quickly fabricate a scale model of a physical part or assembly using three-dimensional computer-aided design (CAD) data.

     

  13. 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.

     

  14. Time-to-Market: The period it takes from a product being conceived until its being available for sale.

     

  15. 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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