What is Service Life

What is Service Life

What is Service Life Jonathan Poland

The service life of a product refers to the length of time it can be used before it needs to be disposed of or recycled. This includes the period from when the product is manufactured until it is no longer usable. The term can also be used to describe the lifespan of other physical items, such as infrastructure, buildings, industrial equipment, and vehicles. The following are examples.

Architecture

A high rise building may have a service life of 50 years or more. Estimates of service life are relevant to financing arrangements and insurance.

Aircraft

The service life of commercial aircraft commonly exceeds 20 years. Estimates of service life are important to financing and investment decisions for airlines. As aircraft age, they typically require more extensive maintenance to guarantee safety.

Products

Manufacturers of products may provide conservative estimates of service life of several years. This may be done in an attempt to encourage customers to buy again and to limit product liability.

Infrastructure

Infrastructure such as solar panels may offer a long warranty in order to increase bankability and allow financing arrangements to span decades.

Learn More
Capital Expenditures Jonathan Poland

Capital Expenditures

Capital expenditures, also known as capital expenses or capex, refer to the money that a company spends to acquire, maintain,…

Tribes Jonathan Poland

Tribes

Tribes are groups of people who self-organize around common interests, values, communities, professions, needs, or aspirations. The concept of tribes…

Organizational Culture Jonathan Poland

Organizational Culture

Organizational culture refers to the shared beliefs, values, customs, behaviors, and symbols that characterize an organization and differentiate it from…

Brand Strategy Jonathan Poland

Brand Strategy

Brand strategy is the plan that a company has for building and managing its brand over time. It involves defining…

Branding Jonathan Poland

Branding

A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s goods or services from those…

Economic Relations Jonathan Poland

Economic Relations

Economic relations between nations refer to the economic interactions that occur between them. These interactions can include the exchange of…

Workplace Issues Jonathan Poland

Workplace Issues

Workplace issues can negatively impact employee satisfaction and organizational performance. These issues often arise from cultural and systemic problems, and…

Sales Skills Jonathan Poland

Sales Skills

Sales skills are the abilities, knowledge, and personal characteristics that enable an individual to succeed in a sales role. These…

Trade Secret Jonathan Poland

Trade Secret

A trade secret is a type of carefully guarded information that gives a company a competitive advantage in the market.…

Content Database

Search over 1,000 posts on topics across
business, finance, and capital markets.

Contract Awards Calendar 150 150 Jonathan Poland

Contract Awards Calendar

Governments around the world typically follow a structured and organized process for awarding contracts to suppliers, contractors, and service providers.…

Elastic Demand Jonathan Poland

Elastic Demand

Elastic demand is a term used in economics to describe the responsiveness of the quantity of a good or service…

Augmented Product Jonathan Poland

Augmented Product

An augmented product is a product that includes intangible benefits beyond the physical product itself. These intangible benefits may include…

Brand Awareness Jonathan Poland

Brand Awareness

Brand awareness refers to the extent to which consumers are familiar with and able to recognize a brand. It is…

Creative Ability Jonathan Poland

Creative Ability

Creative ability is the talent or aptitude for creating ideas or products that are original, valuable, and impactful. This can…

Cell Production Jonathan Poland

Cell Production

Cell production is a manufacturing approach that involves organizing work into small, self-contained units or cells. Each cell is responsible…

Law of Supply and Demand Jonathan Poland

Law of Supply and Demand

The Law of Supply and Demand is one of the fundamental principles of economics. It states that the quantity of…

What is a Market? Jonathan Poland

What is a Market?

A market is a place or platform where buyers and sellers come together to exchange goods and services. Markets can…

Progress Trap Jonathan Poland

Progress Trap

A progress trap is a situation where a new technology, which has the potential to improve life, ends up causing harm due to a lack of risk management.