Business is changing towards knowledge intensive and value critical over the life cycle. Products are increasingly embedding intelligence; therefore the role of Service and Product Architecture is becoming very important. In the context of knowledge sharing we use the term ontology to mean a specification of a conceptualization. That is, ontology is a description [like a formal specification of a program] of the concepts and their relationships that can exist for an Agent or a community of Agents. When knowledge of a domain is represented in a declarative formalism, the set of objects (let us say for example Service and Product) that can be represented is called the universe of discourse. This set of objects, and their describable relationships, are reflected in the representational vocabulary with which a knowledge-based product and service consists into knowledge. These in turn direct us to new Internet technology where collaborative action will spread and thus interoperability is facilitated. We go for the Semantic Web approach for this purpose. This paper is addressing the collaboration among partners within a sustainable value network. Two aspects, which are nowadays very distant, are tackled Product/Services Life Cycle, Organization and Semantic Architecture, enabling new challenges (i.e. Plug & Play capabilities). We introduce existing theories on which life cycle management is dependent on and give some practices and case studies at the industrial environment. We make an analysis and create also a synthesis. Case studies are viewed in the sense o
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