Life Cycle Models are frameworks that describe the stages a product or project goes through from inception to retirement. These stages typically include development, introduction, growth, maturity, and decline. Understanding these phases helps businesses manage resources effectively and make informed decisions about marketing and production. In addition to products, Life Cycle Models can also apply to organisms in biology, illustrating their stages from birth to death. This concept helps scientists study growth patterns, reproduction, and environmental impacts on different species, providing insights into ecosystems and conservation efforts.