A generic lifecycle of products. In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.
Creative destruction refers to the incessant product and process innovation. mechanism by which new production units replace outdated ones. This. restructuring process permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, structural adjustment. and the functioning of factor markets.
In a comment on his own post on The Seven Deadly Sins that Prevent Creative Thinking, Psychology Today blogger Michael Michalko comments Unfortunately, I've come to believe that education is a great inhibitor of our natural creativity.... The effect demonstrated is limited to a specific time and context (while the claim examined in my article is that education has a long-term detrimental effect on creativity-in-general). 2.