Product Lifecycle Management (PLM) is a systematic approach to managing a product's journey from its initial concept to its retirement. It involves coordinating people, processes, and technology to ensure that every stage, from design and development to manufacturing and sales, is efficient and effective. By using PLM, companies can improve collaboration, reduce time to market, and enhance product quality. Throughout the product lifecycle, various tools and strategies are employed to gather data and insights. This helps businesses make informed decisions, adapt to market changes, and meet customer needs. Ultimately, PLM aims to maximize a product's value while minimizing costs and risks.