In terms of project management, the concept of a product life cycle actually mirrors very closely what we would think of when considering the concept of a project life cycle in that it takes into account all of the various phases of the product’s entire series of creation, development, finalization, and eventually, implementation. Specifically speaking, the product life cycle refers to the collection of primarily sequential product phases, typically entirely non-overlapping. The number of these and their names as well, are usually determined by looking at the manufacturing and of the control needs of the organization as a whole. The product life cycle can incorporate within it an untold number of particular phases, but the absolute final phase of the product life cycle typically involves and is contained to a phase that focuses on the products ultimate conclusion, its eventual deterioration, and final death or sorts. A project life cycle is typically speaking contained within one or within multiple product life cycles.
This term is defined in the 3rd and the 4th edition of the PMBOK.