In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products. PLM integrates people, data, processes and business systems and provides a product information backbone for companies and their extended enterprise.
source: Product Lifecycle – Wikipedia
Zero Waste is a philosophy that encourages the redesign of resource life cycles so that all products are reused. The goal is for no trash to be sent to landfills or incinerators. The process recommended is one similar to the way that resources are reused in nature. The definition adopted by the Zero Waste International Alliance (ZWIA) is:
- Zero Waste is a goal that is ethical, economical, efficient and visionary, to guide people in changing their lifestyles and practices to emulate sustainable natural cycles, where all discarded materials are designed to become resources for others to use.
- Zero Waste means designing and managing products and processes to systematically avoid and eliminate the volume and toxicity of waste and materials, conserve and recover all resources, and not burn or bury them.
- Implementing Zero Waste will eliminate all discharges to land, water or air that are a threat to planetary, human, animal or plant health.
Zero Waste refers to waste management and planning approaches which emphasize waste prevention as opposed to end-of-pipe waste management. It is a whole systems approach that aims for a massive change in the way materials flow through society, resulting in no waste. Zero waste encompasses more than eliminating waste through recycling and reuse, it focuses on restructuring production and distribution systems to reduce waste. Zero waste is more of a goal or ideal rather than a hard target. Zero Waste provides guiding principles for continually working towards eliminating wastes.
Advocates expect that government regulation is needed to influence industrial choices over product and packaging design, manufacturing processes, and material selection.
Advocates say eliminating waste eliminates pollution, and can also reduce costs due to reduced need for raw materials.
source: Zero Waste – Wikipedia
Just In Time
The just in time (JIT) inventory system is a management strategy that aligns raw material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs. This method requires that producers are able to accurately forecast demand.
The just in time inventory supply system is a shift away from other “just-in-case (JIC)” strategies, in which producers hold large inventories to have enough product to absorb maximum market demand.
A circular economy is a regenerative system in which resource input and waste, emission, and energy leakage are minimised by slowing, closing, and narrowing energy and material loops. This can be achieved through long-lasting design, maintenance, repair, reuse, remanufacturing, refurbishing, and recycling. This is in contrast to a linear economy which is a ‘take, make, dispose’ model of production.
A major argument in favour of the circular economy approach is that achieving a sustainable world does not require changes in the quality of life of consumers, nor does it require loss of revenues or extra costs for manufacturers and other economic agents. The argument is that circular business models can be as profitable as linear models and allow consumers to keep enjoying similar products and services.
To achieve models that are economically and environmentally sustainable, the circular economy focuses on areas such as design thinking, systems thinking, product life extension, and recycling.
source: Circular economy – Wikipedia
Triple Bottom Line
The triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial. Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value. Business writer John Elkington claims to have coined the phrase in 1994.
source: Triple Bottom Line – Wikipedia
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