.

Product life cycle (PLC)

Like human beings, products also have a life-cycle. From birth to death, human beings pass through
various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of
products. The product life cycle goes through multiple phases, involves many professional disciplines,
and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product
in the market with respect to business/commercial costs and sales measures. To say that a product has a
life cycle is to assert three things:

 Products have a limited life,

 Product sales pass through distinct stages, each posing different challenges, opportunities, and
problems to the seller,
 Products require different marketing, financing, manufacturing, purchasing, and human resource
strategies in each life cycle stage.

The four main stages of a product's life cycle and the accompanying characteristics are:

Process lifecycle
Process Lifecycle is a manner of looking at processes, in the context of their initial,
maturing and final stages of evolution and growth. Understanding and analyzing processes
in this manner helps to understand how they fit into a "system" of processes as well as how
they change as a process matures within an organization.

This manner of analysis is a companion to the systems thinking discipline that is defined as

any process of estimating or inferring how local policies, actions, or changes influences the
state of the neighboring universe. It is an approach to problem solving that views "problems"
as parts of an overall system, rather than reacting to present outcomes or events and
potentially contributing to further development of the undesired issue or problem.[1]
Systems thinking is a framework that is based on the belief that the component parts of a
system can best be understood in the context of relationships with each other and with
other systems, rather than in isolation. The only way to fully understand why a problem or
element occurs and persists is to understand the part in relation to the whole.[2] Standing in
contrast to Descartes's scientific reductionism and philosophical analysis, it proposes to
view systems in a holistic manner. Consistent with systems philosophy, systems thinking
concerns an understanding of a system by examining the linkages and interactions between
the elements that compose the entirety of the system.