Life Cycle Management
Life Cycle Management (LCM) is a systematic approach to managing a product’s entire life, from initial concept to disposal. It considers all stages: design, production, use, and end-of-life. LCM aims to enhance sustainability by reducing environmental impact, optimizing resource use, and ensuring products meet consumer needs throughout their life. By analyzing and improving each phase, companies can create better products, reduce costs, and promote responsible consumption. In essence, LCM helps balance economic success with social and environmental responsibility.
Additional Insights
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Life cycle management refers to the process of overseeing a product or service from its initial conception through development, use, and eventual disposal. It involves planning, monitoring, and improving each stage to ensure efficiency, sustainability, and value. This approach includes assessing the environmental, economic, and social impacts throughout the life cycle. By actively managing each phase, organizations aim to enhance performance, reduce waste, and support decision-making, ultimately leading to better outcomes for businesses and society. In essence, it provides a framework for making informed choices that benefit both the product and its users over time.