Software lifecycle management involves overseeing a software product throughout its entire lifecycle, from initial conception through development, deployment, and eventual retirement. This process includes several phases, such as requirements gathering, design, coding, testing, and maintenance. Effective lifecycle management ensures that software remains aligned with business objectives and user needs, allowing for timely updates and enhancements. It incorporates best practices for version control, quality assurance, and compliance with security standards, ultimately improving software reliability and user satisfaction. Overall, it is a critical component of successful software development and management strategies.