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Component-based software development (CBSD) strives to achieve a set of pre-built, standardized software components available to fit a specific architectural style for some application domain; the application is then assembled using these components. Component-based software reusability will be at the forefront of software development technology in the next few years. This paper describes a software life cycle that supports component-based development under an object-oriented framework. Development time versus software life cycle phases, which is an important assessment of the component-based development model put forward, is also mentioned.