Product lifecycleIn industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprises. The inspiration for the burgeoning business process now known as PLM came from American Motors Corporation (AMC).
Virtual product developmentVirtual product development (VPD) is the practice of developing and prototyping products in a completely digital 2D/3D environment. VPD has four main components: virtual product design (3D shape, 2D graphics/copy) virtual product simulation (drop test, crush test, etc.) virtual product staging (retail space planning, consumer research and behavior analysis) digital manufacturing (process planning, assembly/filling virtualization, plant design).
Experiential learningExperiential learning (ExL) is the process of learning through experience, and is more narrowly defined as "learning through reflection on doing". Hands-on learning can be a form of experiential learning, but does not necessarily involve students reflecting on their product. Experiential learning is distinct from rote or didactic learning, in which the learner plays a comparatively passive role. It is related to, but not synonymous with, other forms of active learning such as action learning, adventure learning, free-choice learning, cooperative learning, service-learning, and situated learning.
Management accountingIn management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. In other words, management accounting helps the directors inside an organization to make decisions. This can also be known as Cost Accounting.
Creativity techniquesCreativity techniques are methods that encourage creative actions, whether in the arts or sciences. They focus on a variety of aspects of creativity, including techniques for idea generation and divergent thinking, methods of re-framing problems, changes in the affective environment and so on. They can be used as part of problem solving, artistic expression, or therapy. Some techniques require groups of two or more people while other techniques can be accomplished alone.
Managerial economicsManagerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.
Human communicationHuman communication, or anthroposemiotics, is a field of study dedicated to understanding how humans communicate. Humans' ability to communicate with one another would not be possible without an understanding of what we are referencing or thinking about. Because humans are unable to fully understand one another's perspective, there needs to be a creation of commonality through a shared mindset or viewpoint. The field of communication is very diverse, as there are multiple layers of what communication is and how we use its different features as human beings.
Cognitive developmentCognitive development is a field of study in neuroscience and psychology focusing on a child's development in terms of information processing, conceptual resources, perceptual skill, language learning, and other aspects of the developed adult brain and cognitive psychology. Qualitative differences between how a child processes their waking experience and how an adult processes their waking experience are acknowledged (such as object permanence, the understanding of logical relations, and cause-effect reasoning in school-age children).
Product designProduct design as a verb is to create a new product to be sold by a business to its customers. A very broad coefficient and effective generation and development of ideas through a process that leads to new products. Thus, it is a major aspect of new product development. Product design process: the set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products.
Strategic planningStrategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.
