The records life cycle is the life span of a record from its creation or receipt to its final disposition. It is usually described in three stages: creation, maintenance and use, and final disposition. IRMRM applies management to all three stages. With e-records, the records manager can create and maintain the official rules that will dictate when to destroy (or permanently keep) electronic records, as well as record and enforce any conditions that apply to destruction (e.g. destroy 2 years following contract completion). Finally, the records manager can carry out the physical destruction of electronic records, maintaining a legal audit file.
Life cycle management is about minimizing environmental burdens throughout the life cycle of a product or service. The lifecycle includes all activities that go into making, using and disposing of a product. (Environment Canada - Environmental Life Cycle Management: A Guide To Better Business Decisions)