What is the term for the process that includes a system's initial idea, development, release, and retirement?

The term that encompasses a system's initial idea, development, release, and retirement is known as the Systems Development Life Cycle (SDLC). This framework outlines the phases that a system goes through from conception to retirement, covering essential stages such as planning, design, implementation, testing, deployment, and maintenance. By following the SDLC, organizations can ensure systematic and methodical approaches to software development and project delivery, facilitating better management of resources, timelines, and risks.

In contrast, Asset Management refers to the systematic process of developing, operating, maintaining, and selling assets in a cost-effective manner, which does not specifically pertain to the lifecycle of systems or software development. Project Management Life Cycle focuses and organizes the various phases of managing a project, which might not include all aspects specifically related to system development processes. Service Life Cycle Management is concerned with managing services from a business perspective, including the delivery and quality of services over time but does not specifically address the developmental phases of systems. Therefore, the Systems Development Life Cycle is the most accurate term for the complete process addressing both the creation and the eventual decommissioning of a system.