Product Lifecycle Management (PLM) involves the application of business strategies and improvement tools throughout the life-cycle of products and services. A central goal of PLM is to facilitate ongoing innovations whilst maximising the profitability and usefulness of products/services throughout their total business life-cycle i.e., from conception through to recycling or disposal. The successful outcome of PLM is reliant upon wide collaboration between all parties involved, and upon the sharing of relevant information throughout the product's life-cycle.
BPIR Categories15.6.6 Production (produce product) processes
15.6.7 Production (produce service) processes
3.2.2 Develop product lifecycle &development timing target
3.4.1 Design product/process/service enhancements
3.4.2 Eliminate outdated products/processes/services
3.5.1 Test effectiveness of new/revised products/process