The software development life cycle affects your project’s cost and risk mainly through one choice: which model you follow and how disciplined your team is about its phase handoffs. Get that sequencing wrong, and even small requirement changes turn into expensive rework; get it right, and cost and timeline stay predictable even as the project scales.
Planning establishes what is being built and why, translating a business goal into a requirement document stakeholders can agree on. Design then turns those requirements into a technical blueprint, covering architecture, data structures, and how the system’s pieces connect.