Product lifecycle management (PLM): A decision-making tool for project management

Abstract

To succeed in rapidly changing business environments, organizations are continually searching for techniques and methods to improve their productivity and efficiency. While managing project and project resources, it is necessary to consider the analysis of the project. Project management is a tough and challenging job for the organizations as it has more risks and chances of failure. The efficient project manager must understand and conduct a critical analysis of international obstacles, from government regulatory to foreign exchange rules and international taxes to the cultural problems of language differences, work schedules, management styles, ethics and customs. A project manager needs to be able to reach achievable targets and discuss the same with the team members. The project manager is also responsible for on-time product delivery and within budget as per the business needs. Sustainability is the most critical issue of the present time. Sustainability is the prevention of the depletion of natural resources to have ecological balance. This review article focuses on the aspects of PLM and its usage for successful project management, the role of the project manager in the project management with effective use of PLM and use of PLM in protecting the sustainability. The scope of this study is to understand the role of PLM for effective project management.