Summary

Product Lifecycle Management (PLM) is an integrated approach to the management of the life-cycles of products and services. PLM encompasses the complete life of products/services from the design stage through to refurbishment, upgrading, or disposal of materials. PLM is a product management philosophy which aims at improving the value of products/services over the long term, and to maximise profitability for manufacturers and owners at the same time. Collaboration and information sharing between all stakeholders is a key aspect of the PLM methodologies. As markets become more volatile and product life-cycles rapidly reduce, PLM tools can assist organisations to remain viable.

Life Cycle Analysis (LCA) is an important adjunct of PLM which is used for assessing the environmental impacts associated with products over their anticipated life spans. Governments and customers alike increasingly expect high standards associated with the environmental properties of products hence rigorous mechanisms have been devised to measure compliance. Value Engineering (VE) is a systematic process for improving the value of products and is another important methodology which is used for PLM purposes. For VE multi-disciplinary teams along with specialists commonly work together to improve the functionality, quality, and cost, of products, processes, and services. PLM methodologies have the potential to assist organisations to maximise the financial returns from their product development investments.