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 mechanism by which new production units replace outdated ones.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.
Creativity is an attempt to discover hidden likeness in the universe. It is a search for recognition and order. Many writers and artists have described creativity as something external to the body. They believe that the source of inspiration exists outside the person. Author Joseph Heller describes his own experience. I don't understand the process of imagination though I know that I am very much at its mercy.