but we may not be using the latest version of our libs.
However you will in fact be using the same one in development, QA and production. And be more likely to label it in source control so you can keep track of it.
Thus if a problem occurs in QA or production then you are more likely to be able to reproduce it. And when you do update to new versions as part of a development and business decision then development and QA can more fully verity that it continues to work as expected.
Application life cycle includes various steps involved to have the system ready for use. For example, waterfall method is one famous software life cycle which includes
There are similar life cycle steps for other systems/applications.
You might try posting in the appropriate forum, here[^], for starters, as this has nothing at all to do with application lifecycle. Of course I would wait until after you read the "How to ask a question" posting that has already been suggested to you.