Yes, deletion or editing product is possible if it not associated with any client's application. Application status should be either Discontinued or Completed. 

Now, to Edit a product you can simply click on the “Activity button” on the edge of Product’s list.

If a product is not “in progress” in any Application, you can simply delete it, else you will have to change the Application status to complete or discontinue.

Step: Click on “ Action ” and select “ Delete " option.

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