ALM, DevOps - it all smacks of consultancies who seem to have had no previous experience of real life in IT.
Assuming the project isn't a death march and doesn't get canned after go-live initial development takes a reasonably short period compared with the time spent in production. During production it gets maintained as requirements change and get added to, and maybe well-hidden bugs become apparent. Hence my contention that development is the process of launching a software system into the maintenance cycle.
Periodically this normality is apparently rediscovered by people who appear to think they've made an astounding discovery and it's given a new name. The cynical*, of course, might think that they secretly knew about it all the time but just want to hang a few new tools, courses, consultancy jobs etc. round it. They're not really as deeply ignorant as they appear, they're just selling to PHBs who don't know any better.
*Cynical - moi?