What is product lifecycle management (PLM)?

I make a mean homemade pretzel, but it took a while to get there. In my early days, I watched a few quick videos and just decided to wing it, not knowing how to mix the dough, when and how long to let it rest, and even forgetting to add baking soda to the boiling water (a mortal sin in the pretzel world). But then I got a cookbook that completely changed my life, and standardized my processes to help me make golden, twisted bliss. Wayward businesses have the same problem as my early pretzel year