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The product is what is created as a result of executing a project. When we talk about project management what we are talking about is the work that is being done in the project to produce and deliver the product of the project.
While your project may have taken two years to deliver its product, the product may have a much longer lifetime. As the product grows and matures, a series of smaller projects may be implemented to enhance, improve or change the product over time. Each of these smaller projects is in support of the product and ensuring its longevity in the marketplace.
However, just as a product may have been an ideal solution at one fixed point in time, the need for the product may have deteriorated significantly over the years. The Ford Model-T was at one point, an optimal solution for a specific transportation problem. Today the model-T is considered a quaint antique compared to the vehicles available today. The wood-burning/coal-burning locomotive at one point was
an optimal solution for railroad transportation. Today, the use of diesel and electric engines has rendered the wood-burning/coal-burning locomotive obsolete.
Defining the product life cycle is important because from a strategic perspective, the organization must determine when it is of no use to the organization to utilize resources and funds to improve a product that is essentially at the end of its lifetime.
Product life cycle (PLC) or life cycle of project development are concept and facilities study , engineering and design, procurement , construction, start up an implementation/ testing and commissioning, operation or utilisation and demolish.
Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
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