The document discusses modern applications and lifecycles. It notes that applications are now multi-device, social, personal, and use web APIs. Infrastructure is hybrid with private and public clouds. Businesses must be connected, direct-to-consumer, enable modern workforces, and compete at velocity. Application lifecycle management with Team Foundation Server addresses demand, portfolio, resource, schedule, financial, time, collaboration, reporting needs. Principles of a modern cycle include business alignment, continuous integration, deployment, feedback, advanced testing, quality, and continuous value delivery. Key challenges include overcoming impediments through practices like DevOps, lean startup, and acceptance test driven development.