QUESTION 2 "Companies operating in an advanced manufacturing environment are finding that about 90% of the product's life cycle cost is determined by decisions made early in the cycle. Management accounting systems should therefore be developed that aid the planning and control of the product life cycle costs and monitor spending at the early stages of the life cycle." Required: Having regard to the above statement: (a) Explain the nature of the product life cycle concept and its impact on businesses operating in an advanced manufacturing environment. (7 marks)