A well structured approach is required for the successful creation of any product. System Development Life Cycle establishes a logical order in which an information system could be developed successfully. Aka; delivering a quality system.
A quality system, in short; will:
Meet or exceed the agreed customer expectations
Fall with in the agreed cost estimates
Work effectively and efficiently within the planned infrastructure.
The major SDLC that has been in the IT domain are
Water Fall Model
Iterative Model
Spiral or Prototyping - the ones that follow AGILE methodology like XP (Extreme Programming)
Waterfall Model:
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