Software Development Lifecycle: Insourcing vs OutsourcingAfter hearing the hype and realizing the enticing benefits of outsourcing, many companies are evaluating outsourcing vs insourcing options when they develop a software application. Software development requires complex planning, skilled implementation, and extensive testing. Understanding the software development life cycle (SDLC) is important for tracking project progress during software development, whether this activity remains in-house or is outsourced overseas. This executive summary will first outline the eight steps of the SDLC and then offer some tips on what to consider when deciding to outsource ACME Media's CRM software or keep this development in-house. 8 Steps of the SDLC Methodology: The first step in defining the project is to verify its feasibility. After testing the feasibility, the requirements are collected. The requirements phase focuses on what the software will do in an effort that considers all stakeholders, including potential users, as important sources of information. The design phase considers the overall structure of the software and defines the strategy for its development. The requirements and design phase are believed to be the most critical part of the SDLC. Any defects at this stage can prove very costly for later stages of the life cycle. (Catherine, 2006) Once the project is defined, the next step is to create the application. Testing is another crucial stage of the SDLC that determines how the application works and whether it is effective. This phase also identifies bugs or errors present in the software. After the finished software has been fully developed and tested, it's time for installation. Once the application is complete... halfway down the page...." (Bremner, 2008) As companies continue to look for ways to reduce costs and improve efficiency, the decision to outsource or keep projects internal to the company is becoming increasingly important. It is essential to understand the eight steps of the SDLC model and evaluate the risks and benefits of outsourcing application development. Works CitedAmbler, Scott (2010). Retrieved www.ambysoft.comBremner, Jonathan. (2008). 5 Tips for IT Outsourcing. Retrieved www.accuwiz.com/outsourcing-successCatherine, Anne a strong product. Ezine @articles. Retrieved www.projecttimes.com/requirements-management