Product Life Cycle Management and Waste Management

These flashcards cover key concepts related to Product Life Cycle Management, Waste Management, and the principles of circular economy as discussed in the lecture.

Product Life Cycle

A model describing the stages a product goes through from introduction to decline: Introduction, Growth, Maturity, Decline.

Introduction Stage

The first stage in the product life cycle where the product is presented to customers for the first time, typically with little to no competition and negative financial results.

Growth Stage

The stage in the product life cycle characterized by growing demand, increased production, and higher revenue as the product differentiates from competitors.

Maturity Stage

The stage where the product stabilizes in sales, and innovation is needed to expand its presence, leading to declining production and marketing costs.

Decline Stage

The final stage of the product life cycle where market share and sales are decreasing, prompting decisions to support, discontinue, or revamp the product.

Product Life Cycle Management (PLM)

The process of managing a product's life cycle stages to ensure it is profitable and performs well against competitors.

Life Cycle Thinking

An approach that considers all stages of a product's life, from resource extraction to end-of-life recovery, for sustainability assessment.

Circular Economy Principles

Strategies adopted in PLM that emphasize sustainability through design, production, distribution, consumption, and end-of-life recovery.

Clean Production

Production processes that aim to use clean energy and low-impact inputs, resulting in minimal carbon emissions.

Barriers to Circular Economy

Challenges that hinder the implementation of circular economy practices, including policy, technological, financial, and organizational issues.

Opportunities for Circular Economy

Potential benefits and avenues for implementing circular economy strategies, such as regulatory support, technological advancements, and consumer engagement.

Eutrophication

A process caused by excessive nutrients in water bodies, leading to oxygen depletion and harm to aquatic life, impacting health and environment.

End-of-Life Recovery

Strategies for recovering products at the end of their life cycle, such as reuse, refurbishment, remanufacturing, and recycling.