It is funny because everyone has their own interpretation of what application life-cycle is. Here is an explanation from an ITIL v3 perspective. Watch and let me know what you think.
This is a continuation from prior explanation on this subject.
Strategy generation can always sound fluffy or a bit boring however it is important to understand it as it give us the foundation to build and implement other ITIL v3 processes effectively.
In this video I explain what is the Service Portfolio according to the ITIL v3. It is import that we understand this concept as it always appears on exams. Good luck!