Obsolescence management refers to the activities that are undertaken to mitigate the effects of obsolescence. Activities can include last-time buys, life-time buys and obsolescence monitoring, Obsolescence forecasting.

What is Obsolescence ?

Obsolescence is old technology has also been replaced by new technology Today a technology changes in few months and the speed is determined by IT, Telecoms and the consumer electronics industry .
The consumer market makes money by introducing new improved or fashionable products which create more obsolescence.

Reasons for Obsolescence :

•  Technology Progress- The innovation cycles, with which components come on the market, become ever shorter  and even faster.
  
•  The original manufacturer can no longer economically manufacture or support the product further.
  
•  Changes in the Standardization – “Old” standards are not longer available and are no longer maintained.
  
•  Legislation changes e.g. concerning asbestos cadmium and lead tin solder (RoHS).
  
•  The original manufacturer is no longer in business.
  
•  The processes, tools and the Knowledge for maintenance, update or improvement of software are no longer  available.

Obsolescence Forecasting

This procedure improves Company's ability to predict and minimize part obsolescence risk, This Includes Finding Alternates for obsolete parts, RoHS status of a part, lifecycle study of a part, RoHS Substitute for a part.