Definition
Product lifecycle management is the management of all product data, from design to end of life: models, drawings, bills of materials, specifications, change requests and approvals, each document carrying a revision and a status.
What it means for the calculation
For a supplier this is mostly a revision question. A calculation applies to one revision of one drawing. If the customer changes a tolerance or a feature, the sequence of operations, the inspection plan and therefore the amount often change with it. Working from the wrong revision produces a part that is technically right and commercially rejected. Being able to look back at which revision went with which price is the cheapest insurance against that mistake.
Where this comes up
As a revision letter or number on the drawing and in the bill of materials, and as the customer's change procedure a supplier takes part in.
Common mistakes
Reusing an old quotation for a new revision without checking what changed. Also assuming a small change stays small: a moved datum or a tightened tolerance can add a whole operation.
For a supplier this is mostly a revision question. A calculation applies to one revision of one drawing. If the customer changes a tolerance or a feature, the sequence of operations, the inspection plan and therefore the amount often change with it. Working from the wrong revision produces a part that is technically right and commercially rejected. Being able to look back at which revision went with which price is the cheapest insurance against that mistake.
See how Blake reviews a partFrequently asked questions
Is PLM the same as ERP?
No, PLM manages product data and its revisions; ERP manages orders, stock and administration.
Does a supplier need PLM?
Not necessarily, but it does need to be able to find which revision went with which order and which price.
Why does a revision touch the price?
Because a changed requirement can alter the sequence of operations, the tooling or the inspection plan.