Lifecycle Management

Lifecycle Management refers to the comprehensive process of planning, implementing, and managing the entire lifecycle of a production facility from start to finish. This includes design, construction, commissioning, operation, maintenance, and ultimately decommissioning or modernization. The goal of lifecycle management is to maximize productivity, minimize costs and environmental impacts, and ensure safety and compliance throughout the facility’s lifespan.

Effective lifecycle management requires an integrated approach that considers technical, economic, and environmental aspects. This may include predictive maintenance strategies that utilize IoT technology and data analytics to monitor equipment condition and forecast failures. The use of digital twins further enables the creation of virtual models of the facility, supporting simulation, optimization, and decision-making throughout the lifecycle.

See also: Maintenance, Digital Twin