The translation lifecycle is the broad process of selecting content, sending it out for translation, and then receiving the translated content back from translation.
This set of steps usually fits inside a larger, more general process called the content lifecycle, which is the process of creating, reviewing, editing, approving, and publishing content.
When you consider the translation lifecycle and the content lifecycle together, you have the global content value chain, which is the strategy for managing multilingual content.
Remember that localizing content is a subset of steps in the broader content lifecycle. This will improve your focus on key localization considerations, improve processes, and keep all content stakeholders included. Together, this results in better content management.