Production Cycle(redirected from Product life cycle)
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the period during which the objects of labor (raw products and materials) remain in the production process, from the beginning of manufacturing through the output of a finished product. In addition to the working time, the production cycle includes interruptions in production owing to physical, chemical, and biological (natural) processes (for example, the period required for tanning leather); the character of the objects of labor; or the technology and organization of production.
The production cycle represents part of the production time, excluding the period during which the objects of labor are in production reserves. The reduction of the production cycle accelerates the output of products and contributes to the better utilization of productive capital (seeFIXED CAPITAL STOCK; CIRCULATING CAPITAL), to the acceleration of the rate of turnover of circulating capital under socialism, and to the turnover of capital under capitalism. The most important factors for reducing the production cycle are the introduction of advanced technology and the automation of production processes.