What is life cycle management?

The term “life cycle management” is used in several different senses in terms of reference to products and systems. All of these senses refer to the approach of driving, which includes the entire life cycle of something, from production to retirement, in order to manage them as efficiently and effectively and use it in the ways that will be productive. Especially in the settings, where environmental concerns are considered, the life cycle management may be an important aspect of the environmental responsibility program. The life cycle management in this sense is designed to streamline the process of product and product development, saving money and resources. This approach acknowledges that the life of the product on the market has been undergoing a number of phases, from the initial buzzing and the excitement of the new product after the market saturation. By managing the presentation, appearance and prices of the product, the company can maximize sales in every step of the product life cycle on the market.

In the life cycle evaluation, the environmental life cycle impacts on the environment are evaluated to determine whether steps to make its life cycle less harmful. This type of life cycle management is designed to maintain the environmental goals and at the same time ensure that objects are still profitable for production and selling. If you can take steps to reduce the impact on the environment, companies can also be able to pay more, because some consumers are afraid of their consumption on the natural environment.

People can also attract life cycle management as an approach to maintenance. By thinking about the entire life cycle of an object or system to be maintained, people can plan a maintenance plan and potentially take steps to increase the life cycle by thinking in advance. For example, knowing that something is a limiting factor in the object's life cycle, a person in charge of maintenance wouldShe reported to watch this part to hit when she starts fail.