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 mechanism by which new production units replace outdated ones.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.
Creative Problem Solving (CPS) is a structured process for solving problems or finding opportunities, used when you want to go beyond conventional thinking and arrive at creative (novel and useful) solutions. You can, of course, choose to solve problems in conventional ways. Indeed, most problems are solved using known solutions.