Product lifecycleIn industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprises. The inspiration for the burgeoning business process now known as PLM came from American Motors Corporation (AMC).
Product data managementProduct data management (PDM) should not be confused with product information management (PIM). PDM is the name of a business function within product lifecycle management (PLM) that denotes the management and publication of product data. In software engineering, this is known as version control. The goals of product data management include ensuring all stakeholders share a common understanding, that confusion during the execution of the processes is minimized, and that the highest standards of quality controls are maintained.
Product managementProduct management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.
Product life-cycle management (marketing)Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
Customer relationship managementCustomer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many softwares come with a softphone), email, live chat, marketing materials and more recently, social media.
Product managerA product manager (PM) is a professional role that is responsible for the development of products for an organization, known as the practice of product management. Product managers own the product strategy behind a product (physical or digital), specify its functional requirements, and manage feature releases. Product managers coordinate work done by many other functions (like software engineers, data scientists, and product designers), and are ultimately responsible for product outcomes.
Management information systemA management information system (MIS) is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves people, processes and technology in an organizational context. In a corporate setting, the ultimate goal of using management information system is to increase the value and profits of the business.
Cross productIn mathematics, the cross product or vector product (occasionally directed area product, to emphasize its geometric significance) is a binary operation on two vectors in a three-dimensional oriented Euclidean vector space (named here ), and is denoted by the symbol . Given two linearly independent vectors a and b, the cross product, a × b (read "a cross b"), is a vector that is perpendicular to both a and b, and thus normal to the plane containing them. It has many applications in mathematics, physics, engineering, and computer programming.
Software product managementSoftware product management (sometimes also referred to as digital product management or, in the right context just product management) is the discipline of building, implementing and managing software or digital products, taking into account life cycle considerations and an audience. It is the discipline and business process which governs a product from its inception to the market or customer delivery and service in order to maximize revenue. This is in contrast to software that is delivered in an ad hoc manner, typically to a limited clientele, e.
New product developmentIn business and engineering, product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income.
Dot productIn mathematics, the dot product or scalar product is an algebraic operation that takes two equal-length sequences of numbers (usually coordinate vectors), and returns a single number. In Euclidean geometry, the dot product of the Cartesian coordinates of two vectors is widely used. It is often called the inner product (or rarely projection product) of Euclidean space, even though it is not the only inner product that can be defined on Euclidean space (see Inner product space for more).
Triple productIn geometry and algebra, the triple product is a product of three 3-dimensional vectors, usually Euclidean vectors. The name "triple product" is used for two different products, the scalar-valued scalar triple product and, less often, the vector-valued vector triple product. The scalar triple product (also called the mixed product, box product, or triple scalar product) is defined as the dot product of one of the vectors with the cross product of the other two.
Data managementData management comprises all disciplines related to handling data as a valuable resource. The concept of data management arose in the 1980s as technology moved from sequential processing (first punched cards, then magnetic tape) to random access storage. Since it was now possible to store a discrete fact and quickly access it using random access disk technology, those suggesting that data management was more important than business process management used arguments such as "a customer's home address is stored in 75 (or some other large number) places in our computer systems.
Master data managementMaster data management (MDM) is a technology-enabled discipline in which business and information technology work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise's official shared master data assets. Organisations, or groups of organisations, may establish the need for master data management when they hold more than one copy of data about a business entity. Holding more than one copy of this master data inherently means that there is an inefficiency in maintaining a "single version of the truth" across all copies.
Information managementInformation management (IM) is the appropriate and optimized capture, storage, retrieval, and use of information. It may be personal information management or organizational. IM for organizations concerns a cycle of organizational activity: the acquisition of information from one or more sources, the custodianship and the distribution of that information to those who need it, and its ultimate disposal through archiving or deletion.
Supply chain managementIn commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management (ensuring the production of high-quality products at high speed with good flexibility and low production cost), logistics and marketing channels, so that the raw materials can be converted into a finished product and delivered to the end customer.
Quality management systemA quality management system (QMS) is a collection of business processes focused on consistently meeting customer requirements and enhancing their satisfaction. It is aligned with an organization's purpose and strategic direction (ISO 9001:2015). It is expressed as the organizational goals and aspirations, policies, processes, documented information, and resources needed to implement and maintain it. Early quality management systems emphasized predictable outcomes of an industrial product production line, using simple statistics and random sampling.
Quality managementQuality management ensures that an organization, product or service consistently functions well. It has four main components: quality planning, quality assurance, quality control and quality improvement. Quality management is focused not only on product and service quality, but also on the means to achieve it. Quality management, therefore, uses quality assurance and control of processes as well as products to achieve more consistent quality. Quality control is also part of quality management.
