SDLC stands for Software Development Life Cycle. It includes the following basic elements:
Software is a lot like food. When you need a quick bite, a simple sandwich will do. Banquets, however, usually involve a much larger effort.
Which SDLC elements are needed usually depends on the size and scope of the project. Smaller efforts will likely incorporate at least a few elements. Conversely, larger efforts are more likely to include all elements.
The first critical step for any solution is determining the best approach to solving the problem. A methodology describes the ordering, scope and interaction of the SDLC elements.
Many different methodologies have been devised for software development - here are just a few:
See CloverLeaf's approach to SDLC.
What the system should do
Figuring out the best way to build it
How it will be built
Building it
Does it work?
Turning it on
Smoothing out rough edges
Making it better
How it can help people do their job
Making it easy to use
Making it respond quickly
Managing the information
Organizing the development process