Software lifecycle management involves overseeing every stage of a software's existence, from initial planning and development to deployment and eventual retirement. This process includes requirements gathering, design, development, testing, deployment, maintenance, and updates. Effective management ensures that software remains relevant and efficient throughout its lifecycle. It also entails version control, documentation, and stakeholder engagement to ensure that the software adapts to changing needs and technologies. This holistic approach reduces risks and enhances software quality and project success.