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The project life cycle provides a framework from initiation and planning through execution, monitoring/controlling, and closure. It addresses governance, stakeholder engagement, and tailoring. The development (product) life cycle refers to the specific method used to build the deliverables—predictive (waterfall), iterative/incremental, agile, or hybrid—and these approaches may be applied within one or more phases of the project. They are complementary, not identical (Option A), and governance spans the entire project, not just development (contradicting Option C). Option D reverses the relationship; development typically occurs during the project and may continue across releases within a larger product life cycle even after a specific project phase ends. CAPM emphasizes tailoring: choose a development approach that fits uncertainty, compliance needs, and stakeholder cadence, while aligning it with project governance for approvals, risk management, and benefits realization. Clarity on these concepts helps manage expectations and integrate product and project artifacts effectively.