PLM - Product Lifecycle Management
PLM stands for Product Lifecycle Management and defines a holistic management project that directs the lifecycle of a single product from its development, production and performance, through all market phases: from launch to product maturity to exit.
Brief description
PLM can be divided into the following components: technical components (product development and improvement), economic components (price formation, offer and market capacity building), as well as the information component (information base for all decisions). With such knowledge from the above-described fields, the various factors affecting the product can already be taken into account when constructing the product.
In addition, legal and voluntary obligations regarding surety or guarantees can be calculated. All in all, different concepts can be compared and evaluated from the outset to determine the most profit-optimal production and logistics concepts based on a given market strategy.
Goals
Through product life cycle management, concepts should be found that, in total, maximize the profits obtained in all phases, and contribute to:
- quality improvement
- Reduce costs when building a prototype
- waste avoidance
- Cost savings through reduced response time
- Cost savings through widespread use of information and
- Cost savings through the widespread inclusion of demands