There are many approaches to managing software development and the two most common software development life cycle (SDLC) patterns are Waterfall and Agile. There are many variations of these two SDLC methodologies and often an organization will adapt a methodology to fit the project and team(s) as well as the company culture.
The Waterfall and Agile SDLCs patterns are just two examples and there are several other patterns for software development that may suit a company's culture, software maturity, and industry better than others.