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 mechanism by which new production units replace outdated ones.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.
Following your muse is its own special type of discipline, and like all good disciplines, it pays huge dividends. There are two basic errors you can fall into in creative work. One is workaholism: exerting yourself so frantically on a project that you use yourself up and burn yourself out.