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Application Lifecycle Management refers to the process of managing the entire lifespan of a software application, from its initial conception and development, through to its deployment, operation, and eventual retirement or replacement. This includes activities such as requirements gathering, design, coding, testing, deployment, monitoring, maintenance, and updates. ALM aims to streamline and optimize the development and maintenance of applications, ensuring they meet business objectives, are delivered on time and within budget, and remain efficient and effective throughout their lifecycle.