This report provides an overview of Software Development Lifecycle (SDLC) models, including prototyping, spiral, and agile development approaches. It discusses the advantages and disadvantages of each model, emphasizing their iterative nature and practical applications. The report also explores risk management strategies within SDLC, highlighting the importance of identifying threats and implementing mitigation controls. Furthermore, it details the various development environments, such as analysis and design, development, and testing environments, and their roles in ensuring the durability and success of software projects. The analysis includes the importance of feasibility reports in addressing business issues and evaluating software viability, along with the significance of identifying and mitigating product imperfections.