Explain the life cycle of an information systems

Apply the steps of the life cycle to the scenario listed below

Imagine that you run a photography printing store. Your employees have been using punch cards for time entry since you started the business. This has lead to many problems including lost cards, inaccurate hours, and employees punching in other employees. Because of these problems you are considering implementing a computerized time entry system. Describe each step of the life cycle, and apply it to your problem in your business.