As you develop a system, any system, be it a set of software, hardware, a type of specific test equipment, a product, service, an organization system, or any other system you first need to place your view in proper perspective of the overall system you are in.
The most common element we mostly use to segregate or partition the system segmentation is time. Any system is bound to its timeline. So, one of the logical segmentation in developing or analyzing a system is break it into its related time phases.
The whole of the phases which cover the overall system’s life can be considered as the system’s life cycle, as we understand as much like an organic system growing from young to old through its entire life. So, the life cycle of a system should cover its whole phase of its existence.
One of the most concerned factors in developing a system is its cost. Thus, in terms of systems development, one should also cover the cost of the system to include as wide as possible any cost factors beginning from even the smallest items such as the first paper and pen used to scribble its concept up to the cost of disposing the system at the end of its life cycle. We know this term as life cycle cost.