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What to think about theories like SDLC and Capacity Maturity Model (CMM)

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Yesterday, someone in the Google+ Programming community tried to convince me that Software Development Life Cycle (SDLC) was absolutely the only way to go in algorithm design. I Googled for SDLC looked for explanations. The conversation eventually ended in a brawl because the person was totally convinced in his belief while I remained skeptical.

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