Life Cycle Performance
To improve total life cycle performance, this is one of the elaborations in EFQM regarding asset management. It is a very interesting and yet familiar idea. I often hear company put a lot of focus on product life cycle management, but less on the life cycle performance of their asset.
The two concepts both have life cycle in them, however I find the perspective is rather different. Frequently, product life cycle is taught in the way of 4 stages of introduction, growth, maturity, and decline. Yet, it is infrequent to mention product recycling with the stage of decline. Most frequent, it is new technology, new innovation, and the introduction of a next generation product being associated with. I wonder if it is this model gave the proper reason for buying or upgrading to the new and the latest.
On the other hand, management of life cycle performance through maintenance and utilisation, and the consideration of life cycle cost prolongs the usage, conserve the energy, and protect the environment.
Maybe organisations should consider more life cycle costs when developing new products as environmental friendly can also be revenue generating. It doesn't have to be new!