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Like human beings, products also have their own 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 has to do with the life of a product in the market with respect to business/commercial costs and sales measures.Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.

Product development has become increasingly complex, particularly because user requirements have become increasingly critical. Most existing paradigms of complex product development continue to be fragmented with respect to the whole of product development and to be isolated with respect to each other, and what is worse, deviate from the radical thread of product development due to the concealment created by enterprise engineering.

In this paper, organically incorporates into a whole the ideas from a variety of existing paradigms, including concurrent engineering, (unified) life-cycle engineering, design for X, production planning and control, virtual prototype, intra/ inter-enterprise information integration, and rapid prototype and evolutionary life-cycle models of engineering.

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