Life Cycle Model
Categories: Financial Theory
See: Life Cycle.
The life cycle model is a system for understanding a product as it advances through various stages of development and maturity.
The term has a particular connotation in software design. There's a particular structure in the field called SDLC that goes like this: requirements, design, implementation, test, maintenance.
First you figure out what you want to do, then you design a program to accomplish the requirements. From there, you implement the design and test to make sure it actually works. Once it's ready, you just need to maintain it over time.