The AI lifecycle describes the journey of an AI system from conception to deployment and beyond. There are various versions of the AI lifecycle available. Ultimately, the version you choose for your organisation will depend on factors such as organisation goals and objectives, resource availability and the complexity of the AI project. Understanding the lifecycle of an AI project is important for gaining invaluable insights into how to ensure your use of AI systems is effective, trustworthy, ethical and compliant with prevailing standards and regulations.