Scientifically, the term buffalo is incorrect for the North American species; its proper Latin name is Bison bison. However, common usage has made the term buffalo an acceptable synonym for the American bison. (from The American Buffalo in Transition, by J. Albert Rorabacher.).
Life cycle. Life cycle, in biology, the series of changes that the members of a species undergo as they pass from the beginning of a given developmental stage to the inception of that same developmental stage in a subsequent generation.
The life cycle of an asset is defined as the time interval between the initial planning for the creation of an asset and its final disposal. This life cycle is characterized by a number of key stages: Initial concept definition; Development of the detailed design requirements, specifications and documentation;