The period of time, consisting of phases, which begins when a product is conceived and ends when the product is no longer available for use. Since an organization may be producing multiple products for multiple customers, one description of a product lifecycle may not be adequate. Therefore, the organization may define a set of approved product lifecycle models. These models are typically found in published literature and are likely to be tailored for use in an organization.A product lifecycle could consist of the following phases:
(1) concept/vision,
(2) feasibility,
(3) design/development,
(4) production, and
(5) phase out.
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