Exploring product lifecycle using Markov chain
Feri Afrinaldi
Abstract
This paper applies the Markov chain to model a product’s lifecycle. Given the initial condition, the model is used to predict important information about the behavior of the product throughout its lifecycle. The predictions include the number of visits made by the product to a lifecycle stage, expected quantity of products that visit a lifecycle stage, product’s mean duration of stay in a lifecycle stage, probability and the expected quantity of products being discarded, and the average total environmental impact caused by the products. The model is validated by applying it to analyze the lifecycle of plastic produced in 2015.
Topics & Concepts
Product lifecycleSystem lifecycleProduct (mathematics)Markov chainProduct managementProduct design specificationDuration (music)Application lifecycle managementNew product developmentComputer scienceReliability engineeringEngineeringBusinessProduct designMathematicsMarketingArtMachine learningGeometrySoftwareLiteratureProgramming languageRecycling and Waste Management TechniquesEnvironmental Impact and SustainabilitySustainable Supply Chain Management