Companies today need to keep up with the rapidly changing market conditions to stay competitive. The main issues in this paper are related to a company’s market and its competitors. The prediction of market behavior is helpful for a manufacturing enterprise to build efficient production systems. However, these predictions are usually not reliable. A production system is required to adapt to changing markets, but such requirement entails higher cost. Hence, analyzing different life cycle models of the production system is necessary. In this paper, different life cycle models of the production system are compared to evaluate the distinctive features and the limitations of each model. Furthermore, the difference between product life cycle and production life cycle is summarized, and the effect of product life cycle on production life cycle is explained. Finally, a production system life cycle model, along with key activities to be performed in each stage, is proposed specifically for the manufacturing sector.