PLM promises to enable to design new products for optimal societal benefits over their whole lifecycle. This promise is inspired by the availability of cheap computing power that can be integrated in any product or service system, and by the emergence of wideband mobile communication systems that can exchange almost unlimited amounts of information between any two places on the globe. The realisation of this promise challenges science to create the necessary new knowledge. This PLM11 conference proceedings report on the status of this research in 2011.