concurrent engineering (redirected from Product lifecycle management)
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Related to Product lifecycle management: Product life cycle
concurrent engineering the term used to describe a group who are drawn from different disciplines to work on a problem within the firm. For example, a new product analysis concurrent engineering team may consist of a production engineer, cost accountant, marketing specialist etc. Thus, concurrent engineering can reduce product development time allowing the product to be brought to market more quickly and at a reduced cost. Typically also used as the basis for a team in VALUE ANALYSIS. See NEW PRODUCT DEVELOPMENT. See also MATRIX.