For a more in-depth explanation, please see: Obsolescence 12 Steps – Step Six – CNX Technology and Innovation Group
A Life Need Buy refers to the purchase of the number of components that have been declared EOLF (End Of Production Forecast) that will fulfill the need of a business to complete the forecasted life of the product, and also the spares and repairs of the product(s).
Commonly confused with LTB – Lifetime buy which infers purchasing all possible components the manufacture can produce before production stops.
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