The Evolving Definition of PLM
PLM is the business activity of managing a company's products
all the way across their lifecycles, from the very first idea
for a product all the way through until it is retired and
disposed of, in the most effective way.
PLM is the activity of managing a product throughout its lifecycle - 'from
cradle to grave' - making sure that everything works well with the product
and making sure the product makes good money for the company.
The objectives of PLM are to increase product revenues, reduce
product-related costs, and maximize the value of the product portfolio.
From : Making Progress with PLM (2005)