Obsolescence Management refers to a systematic approach that is applied reactively or proactively to identify, evaluate and follow up the obsolescence risks that arise during the life cycle of the system, product or components, and to eliminate the risk when it occurs. Obsolescence Management includes strategies and activities aimed at minimizing the obsolescence impact on availability of the system/product.
Effective obsolescence management minimizes the risks of unexpected outages, costly redesigns, or usage restrictions caused by out-of-stock components, significantly increases the Availability, and decreases the life cycle cost of the System/Product.