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Product Lifecycle Management
Learn about product lifecycle management and its four stagesPreview the first lesson free — get full access to all 6 lessons.
Intermediate Provider : Matthew Johnston 6 Lessons · 15m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Every year, companies launch hundreds of products. The success or failure of these products could be attributed to effective product lifecycle management. Product lifecycle management is important because it informs management and decision-makers of a product’s performance and what strategic actions may be needed to succeed. Companies use this information to allocate resources such as budgets and staff. And it shows which products should be prioritized and where the company should innovate next. Ultimately, product lifecycle management helps companies increase productivity; reduce risk, time to market, and cost; and produce high-quality products.
In this course, we introduce the concept of product lifecycle management. You will learn the phases of product lifecycle management, the difference between product and project lifecycle management, and how the two can work together. You will also learn how to track and manage a product in the marketplace and manage the unique elements of a digital product lifecycle. By the end of this course, you will have the knowledge to gain a competitive edge in your industry.
What You'll Learn
- Define the concept of product lifecycle management and its phases
- Distinguish between product lifecycle management and project lifecycle management, and how the two work together
- Explain how to track and manage a product in the marketplace
- List the stages of the digital product lifecycle
- Apply the four stages of product lifecycle management to allocate resources and prioritize products
Key Takeaways
- Effective product lifecycle management can be a key factor in whether products succeed or fail.
- Product lifecycle management informs management and decision-makers of a product's performance and what strategic actions may be needed to succeed.
- Companies use product lifecycle management information to allocate resources such as budgets and staff and to decide which products to prioritize and where to innovate next.
- Product lifecycle management helps companies increase productivity; reduce risk, time to market, and cost; and produce high-quality products.
- Product lifecycle management and project lifecycle management are different but can work together.
Frequently Asked Questions
What will I learn in this course?
You will learn the phases of product lifecycle management, the difference between product and project lifecycle management and how the two can work together, how to track and manage a product in the marketplace, and how to manage the unique elements of a digital product lifecycle.
What topics does this course cover?
The course introduces product lifecycle management and covers the four stages of product lifecycle management, product management in the marketplace, and the digital product lifecycle, along with an introduction and a knowledge test.
Why is product lifecycle management important?
It informs management and decision-makers of a product's performance and what strategic actions may be needed to succeed, helping companies allocate resources, prioritize products, decide where to innovate next, increase productivity, and reduce risk, time to market, and cost.
What skills does this course help develop?
The course addresses skills including product lifecycle management, digital product management, lifecycle management, product management, project management life cycle, and SAP Product Lifecycle Management (PLM).
