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The term "life cycle approach" is not right. What you have is approaches (Lean, Agile, etc) on approaches you have life cycle models (predictive, adaptive) on life cycle models you have life cycle process (waterfall, iterative, incremental, etc). With all these you can define your development approach which will be insourcing or outsourcing and between both you can select the approach strategy (offshore, in-house, etc).
PMBoK defines 2 similar terms in 18.104.22.168
Project life cycle = series of phases from start to end. It is predictive or adaptive.
Development life cycle = Those phases associated with the development of the product. Can be iterative, incremental or hybrid in addition to adaptive or predictive.
It also defines the product life cycle, from concept to retirement.
The life cycles provide basic frameworks, which is not the same as an approach to the project, but may be part of it.
Thanks team. This is helpful. I would say some of the question banks and papers get this wrong often.
Thanks for taking the time out to share clarity.
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