Software Development Life Cycle – Introduction Model Stages and Advantages

What is the Software Development Life Cycle (SDLC)?

SDLC or Software Development Life Cycle is essentially the process or phases of a model or methodology, which software engineers and developers follow in developing an application or software. In simpler words, it is a process consisting of a series of planned activities for planning, creating, testing, deploying and maintenance of software.

SDLC is often referred as software development process, as it consists of all tasks, which needs to be followed while developing an application or software. SDLC is followed within IT development companies to develop, alter, replace or enhance the performance of the software. ISO/IEC 12207 is an international standard for SDLC, which ensures high quality of the newly developed software. It also helps IT development companies in improving the overall quality of their software development services.

What are the major SDLC Models, followed in the IT Industry?

There are various SDLS models, which are currently followed in the IT Industry. Often referred as ‘Software Development Process Models’, all the process models follow unique software development steps, ensuring 100% success of the development projects.

The major software development life cycle models are-

  • Waterfall Model
  • Iterative Model
  • Spiral Model
  • V-Model
  • Big Bang Model

Other related models are Rapid Application Development (RAD), Prototype and Agile Models.

The advantages of choosing an appropriate Software Development Life Cycle (SDLC)-

  • Increased Product Quality
  • Increased Development Speed
  • Improved Client Relations
  • Improved Tracking & Control
  • Decreased Project Risks
  • Decreased Project Management Overhead

What are the different stages of SDLC?

Stage 1:

Planning and Requirement Analysis

This is the most important stage in the SDLC. This stage needs input from the customers, sales team, industry experts, a marketing team and their survey reports. After which, senior business managers and developers of a software development company plan the project approach and the development model.

Stage 2:

Designing

After the analysis of requirements and finalizing the Design Document Specification (DDS), the product architecture is designed by an expert team. This architecture has to stand upon various parameters such as budget, time, product robustness, risk assessment and design modularity, after which it is considered for the development.

Stage 3:

Development

The actual development of the software or application starts at this stage. The team of engineers and developers follow the coding guidelines set by the organization and use different tools for code generation. The programming code is generated as per the details documented in the DDS. The developers use different high level programming languages as per the requirement.

Stage 4:

Testing

In this stage, the final product goes through a pre-defined road of testing, where defects or bugs in the product are reported and then fixed by the developers. This stage ensures that the final product meets the highest quality standards, which are accepted worldwide.

Stage 5:

Deployment

At this stage, the final product is deployed at the client base. At times, the software is integrated with the client’s current application and database. All the deployment and integration works are done under the guidance of expert software engineers and developers.

Stage 6:

Maintenance & Support

Most of the reputed IT development companies also provide complete maintenance and technical support, post deployment of the final product at client base.

How Do Credit Card Companies Make Money?

Credit cards have gained much popularity in India over the last few years. Public sector banks as well as private banking institutions have come forward to launch a host of credit cards suiting customers with different types of needs. HDFC Credit Cards and SBI Card are the two companies with the largest market share. While banks are ready to offer you with a small loan in the form of credit cards, have you ever wondered how these banking institutions make money from these ventures?

The three main ways how card issuers make money is through the annual fee of the card, interest charged on late payment, penalties on skipping EMIs, etc. At the same time, they also earn from the businesses that accept these cards. Businesses are required to pay transaction fees to the banks which also makes up for significant earning of the card issuer banks.

But before we dig deeper into how they make money, let us first understand the term 'Credit Card Companies'. It is easy to get confused between credit card issuers and credit card networks. An issuer is the bank or financial institution from which you take the card. You are taking a loan from the card issuer and paying back to them. A credit card issuing company is usually a bank. On the other hand, credit card network refers to companies that process the transaction. Currently, there are three major networks in India- VISA, Master Card and RuPay. Apart from these, American Express and Discover cards can also be found.

So, when you make a transaction with your credit card, your money moves electronically from your bank through the network to the merchant's bank.

How do credit card companies make money?

As mentioned above, your bank makes money majorly from you and also from the merchants where you use the card issued by the bank to make the payment. Banks or financial institutions make money in the form of-

Fees

Banks charge different types of fees from their cardholders- some fees are to be paid by everyone whereas other types of fees are levied on condition. Let us talk about these fees and charges-

  • Annual Fees- You have to pay annual fees towards your credit card, especially when you are an elite cardholder and enjoy higher benefits than normal users. This is to be paid by all users. However, some banks may set a condition of spend based annual fee reversal scheme.
  • Cash Advance Fees- When you withdraw money from an ATM using your credit card, the bank charges a minimal fee for it which is normally correlated to the amount you withdrawal. This is also included in the card issuer's earnings.
  • Late Fees- Your card issuer charges fees from you if you delay your EMI payments. Banks make more money from late payers in the form of late fees.
  • Balance Transfer Fees- When you transfer outstanding balance from one card to another, the bank charges fees from you which again becomes its earnings.

Interest

The bank or financial institution has just gifted you a credit line. You have to pay the interest for the loan that is offered to you in the form of credit card. This interest cost adds to your expenses and is a method of earning for the banks. Interest on credit card is charged on daily basis for as long as the amount stands outstanding in your account. This is why experts always advise you to pay the total outstanding amount in full every month because interest will accrue on any amount that stands unpaid.

Let us understand this with the help of an example. Suppose the billing date is on 4th of every month and payment due date falls on 29th of every month. APR = 24%

  1. 10th March- Apparel Shopping- Rs. 5,000
  2. 13th March- Bill Payment- Rs. 2,000
  3. 19th March- Gadget Purchase (converted into 6 month EMI) – Rs. 12,000
  4. 22nd March- Dining Bill- Rs. 1,000

Now considering that the person does not have any outstanding amount from the previous bill, he will have to pay Rs. (5,000 + 1,000 + 2,000 +2000) = Rs. 10,000.

This will be the total amount due on 29th March. Now if the person chooses to pay only Rs. 6,000, the remaining Rs. 4,000 will accrue interest for each day until the amount is paid in full. Considering that the user again pays Rs. 2,000 on the 10th of April, let us see how interest cost works out-

Interest = (outstanding amount x 2 percent per month x 12 months) * (number of days) 365

In this case, the total interest charged would be Rs. 52.60 which is a total for Rs. 4,000 that lies outstanding for 11 days and Rs. 2,000 that lies outstanding for 18 days until the next payment. This is the reason why those who only pay minimum amount due tend to fall into debt soon sooner. Cardholders should also note that when an amount is outstanding in your statement, the new purchases that you make are not eligible for the interest free period. This is why interest charge is the easiest way how banks make money out of your credit card.

Interchange Fee from the Merchant

When you use your card at a merchant terminal, the merchant also pays a percentage of the amount to the bank as processing fees. This will also be added on to the bank's earnings. It usually ranges between 1 to 3 percent of the transaction value but may differ from merchant to merchant.

How to save yourself from paying too much to the bank?

Savvy customers plan their transactions and payments in a way that they have to pay the least amount to the bank. These are the habits you can adopt to cut your costs-

  • Pay your entire outstanding balance every month; just pay the minimum amount due is not a good practice.
  • Set alerts for your payment due dates to avoid missed payments which entail late fees.
  • Create an emergency fund to replace costlier options like cash advances from credit card.
  • Choose low annual fee or free credit cards and even if you select a card with high annual fee, make sure that the rewards are worth it.

How to Get a FREE Tax Sale Auction List

Let’s face it. There’s a lot of misinformation out there when it comes to investing in tax foreclosure properties. One of the most laughable pieces of misinformation that I seem to always come across has to do with auction lists. Much of this misinformation implies that you must belong to some sort of exclusive or paid membership club to access a tax sale list. Or that you need to fork over hundreds of dollars before you can access a list. The truth of the matter is tax sale lists are FREE, have always been FREE and will always be FREE.

As an informed investor, we must look at it from the county’s perspective. The county is foreclosing on these properties since the owner failed to pay the property taxes. Property tax payments contribute to a variety of expenses that help a county and its’ government operate. We’re talking about things such as law enforcement, fire and rescue services, educational funds, road construction and maintenance, and a lot of other necessities. When someone fails to pay the property taxes the county no longer has the money needed from the tax roll revenue to pay for these costs.

When a property is sold at tax sale auction two primary objectives are met. The first is that the auction itself brings proceeds from the selling price. Properties that are sold at a tax sale auction have not produced revenue for a period of 1-3 years. Accordingly, the proceeds from the auction will essentially reimburse the county for covering that property’s share of governmental expenses during this time.

The second and primary objective that it meets is that the property is returned to the tax roll as a tax revenue producing property. The county would rather not have to even deal with tax sale auctions. The ideal situation of course, would be that all property owners make timely payment of their taxes so that tax revenues would be at capacity. But when this doesn’t happen the next best thing is that the property is returned to the tax roll as a revenue producing property as quickly as possible. This is done when the property is sold to a responsible tax payer at auction.

Now that we understand the benefits of tax sale auctions does it really make sense to you that counties are going to make it difficult or expensive to obtain tax sale auction lists? Of course not! They want to make it as easy as possible for you!

So how can you get your hands on one of these “elusive” tax sale lists? ASK FOR ONE! It’s that simple.

The first thing you need to do is determine who the responsible governmental entity is for tax foreclosures in the area you’re investing in. This is the office in charge of handling the tax sale auction. It could be the county clerk, the treasurer, the tax collector, the sheriff’s office or another government office as it varies from one area to another. The best way to determine this is to do some quick research through Google. Find out who collects the taxes, give them a call and then ask them who handles the tax sale auctions in the area.

This leads us to the second and final step which is to contact that office and ask for information about any upcoming tax sales. Many times it will be as easy as going to their website and clicking on the “tax sale” link. Other times you’ll have to contact a receptionist and ask the best way to obtain one. If a list is not published on their website, they will typically either email, fax or mail it to you. If they fax or mail it you might have to pay a nominal postage or long distance fee but it will usually be free.

Wasn’t that easy? No expensive memberships or exclusive clubs to belong to. Just find the responsible government entity and contact them. There isn’t much more to it.

The most important thing here is what you do with that list once you have it. How do you read the list? What properties should you choose to invest in? How much do you pay? How much should they sell for? The questions can go on and on.

Before you try to venture into it alone consider getting someone with more experience to train you. As someone who has over a decade worth of full-time experience in numerous states, my experience in unparallelled.

Performing a Public Records Search For Ohio

With one of the largest universities in the world and an incredible amount of diversity, Ohio is a wonderful place to live and a great place to request vital records. The founding fathers here understand how important it is to keep government open and honest and the laws on the books here are aimed at keeping things that way. According to state law, records requests have to be filled in a reasonable period of time and the requesting party can determine the medium in which records are delivered.

There is also strict word in the law that helps to keep costs down so that everyone can request copies of vital records. According to the state website, vital records cost $ 16.50 per copy and can be sent anywhere in the United States. All records requests in the state of Ohio go through the capital in Columbus. Corporate trademark records, sales tax records, hunting and fishing license records and more are all located in the state capital, which is also the location for Ohio State University.

Currently, there is no state-managed online database governing vital records in Ohio. Much has been made recently in the state media about the creation of such a database since other states have had them up and running for years. With Ohio's population of over 11 and a half million people, it is understandable why such a database has not been put online, but once it is, ordering records from the Buckeye State will be easier than ever.

You can still retrieve a record online from the state of Ohio when you use Records Project. Tap into the most powerful public records database on the Internet when you use the Records Project to locate and order the public records you need. Do not go another day without the records you need to make your life complete; order today