Question

Briefly explain the ways in which the company could apply the principles of life cycle management to reduce the manufacturing cost of the H-5 model.

Answer 1

Sound product lifecycle management has many benefits, such as getting the product to market faster, putting a higher quality product on the market, improving product safety, increasing sales opportunities, and reducing errors and waste. Specialized computer software is available to assist with Product Life Management through functions such as document management, design integration, and process management.

Other benefits include:

• Improved product quality and reliability
• Reduced prototyping costs
• Quick identification of sales opportunities and revenue contributions
• Savings through the re-use of original data
• A framework for product optimization
• Reduced waste
• Improved forecasting to reduce material costs

This is because the Life Cycle Management helps to reduce the manufacturing costs.