Compose a 1500 words assignment on product management using boston matrix tool with product life cycle management. Needs to be plagiarism free! The global economy is heavily dependent on oil production and this source of energy controls over 90% of the world economy and about 25% of the Gross domestic product of the oil-producing countries .
Oil and gas are produced both onshore and offshore and it is transported through pipelines to the refineries and various depots. The global oil reserve is estimated at about 3520 billion barrels and an average daily production of 2500-3000 billion barrels. Over the past years, the global production of oil and natural gas has increased substantially . This has resulted in increased processing and transportation of oil between points. There has been a great increase in the oil spills and theft of oil resulting in environmental pollution and degradation . Oil spills normally result from a number of factors including defective materials, corrosion of pipes, ground erosion, tectonic movement on the offshore wells, and vandalism of the oil and gas facilities . Oil spills normally result in adversely fatal impacts such as environmental degradation, fires, and massive loss of property.
Taking a more specific focus on Nigeria, the country heavily depends on oil production to support its economy and its GDP. Various multinational companies in the country have invested in oil and gas production and even though this sector is doing fairly well, oil spills and theft remain a big problem in the country . Most of the oil spillage in Nigeria is associated with equipment failure and corrosion of pipes as a result of aging. Vandalism contributes about 69% of the total spillage while 20% is contributed by controlled incidents . The table below shows the recorded spillage for a period of 10 years.
In order to maximize profits, companies use various tools for product management such as the Boston Matrix Tool and product lifecycle management . Use of information technology comes in handy in the long term planning, management and marketing of the products.