The document discusses the defect life cycle and bug life cycle, noting they refer to the same process. It describes the typical stages a defect passes through from creation to closure, including statuses like new, open, assigned, resolved, reopened, and closed. Color coding is used to represent which team - QA, development, or management - is responsible at each stage. The stages involve defects being reported, assigned to developers, resolved, retested, and ultimately closed once fixed.
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