Product data managementProduct data management (PDM) should not be confused with product information management (PIM). PDM is the name of a business function within product lifecycle management (PLM) that denotes the management and publication of product data. In software engineering, this is known as version control. The goals of product data management include ensuring all stakeholders share a common understanding, that confusion during the execution of the processes is minimized, and that the highest standards of quality controls are maintained.
Participatory designParticipatory design (originally co-operative design, now often co-design) is an approach to design attempting to actively involve all stakeholders (e.g. employees, partners, customers, citizens, end users) in the design process to help ensure the result meets their needs and is usable. Participatory design is an approach which is focused on processes and procedures of design and is not a design style. The term is used in a variety of fields e.g.
Decision analysisDecision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders.
Circular economyA circular economy (also referred to as circularity or CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible. CE aims to tackle global challenges such as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model.
Sunk costIn economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future.
Principal component analysisPrincipal component analysis (PCA) is a popular technique for analyzing large datasets containing a high number of dimensions/features per observation, increasing the interpretability of data while preserving the maximum amount of information, and enabling the visualization of multidimensional data. Formally, PCA is a statistical technique for reducing the dimensionality of a dataset. This is accomplished by linearly transforming the data into a new coordinate system where (most of) the variation in the data can be described with fewer dimensions than the initial data.
Drum brakeA drum brake is a brake that uses friction caused by a set of shoes or pads that press outward against a rotating cylinder-shaped part called a brake drum. The term drum brake usually means a brake in which shoes press on the inner surface of the drum. When shoes press on the outside of the drum, it is usually called a clasp brake. Where the drum is pinched between two shoes, similar to a conventional disc brake, it is sometimes called a pinch drum brake, though such brakes are relatively rare.
Product lifetimeProduct lifetime or product lifespan is the time interval from when a product is sold to when it is discarded. Product lifetime is slightly different from service life because the latter considers only the effective time the product is used. It is also different from product economic life which refers to the point where maintaining a product is more expensive than replacing it; from product technical life which refers to the maximum period during which a product has the physical capacity to function; and from the functional life which is the time a product should last regardless of external intervention to increase its lifespan.
Life-cycle assessmentLife cycle assessment or LCA (also known as life cycle analysis) is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product, process, or service. For instance, in the case of a manufactured product, environmental impacts are assessed from raw material extraction and processing (cradle), through the product's manufacture, distribution and use, to the recycling or final disposal of the materials composing it (grave).
Integer programmingAn integer programming problem is a mathematical optimization or feasibility program in which some or all of the variables are restricted to be integers. In many settings the term refers to integer linear programming (ILP), in which the objective function and the constraints (other than the integer constraints) are linear. Integer programming is NP-complete. In particular, the special case of 0-1 integer linear programming, in which unknowns are binary, and only the restrictions must be satisfied, is one of Karp's 21 NP-complete problems.
