Software Lifecycle Management (SLM) refers to the process of managing the development, deployment, maintenance, and eventual retirement of software applications. It encompasses various stages, including planning, design, coding, testing, and support, ensuring that software meets user needs and quality standards throughout its life. Effective SLM helps organizations optimize resources, reduce costs, and improve software quality. By following a structured approach, teams can better track progress, manage changes, and ensure compliance with regulations. This systematic management ultimately leads to more reliable and efficient software solutions that align with business goals.