The paper consists in a research in the design of an innovative face-milling cutter, in terms of product lifecycle management (PLM), with the help from creative design methods, such as TRIZ. The model of the lifecycle management of the cutting tools was presented, emphasizing the functional analysis and creative design phase. Based on this analysis, a new constructive variant of the milling cutter was designed and simulated with finite element method, highlighting its advantages compared with classic construction variants.