Why does the information lifecycle matter?
Well, it can affect whether or not you'll be able to find any information about a topic!
If your topic is very current, you might only be able to find first-person accounts (interviews or tweets, for example), or newspaper articles. If you need more in-depth analysis, or an expert's considered analysis, though, it might be too soon for anything to be published - those author are busy collecting information and doing their own research - they just haven't had time yet!
Consider: How current does your information need to be? Do you need really up-to-date research?
What kind of information is likely to have been produced about your topic? Has enough time passed?
Primary
Primary sources are original, uninterpreted information.
Unedited, firsthand access to words, images, or objects created by persons directly involved in an activity or event or speaking directly for a group. This is information before it has been analyzed, interpreted, commented upon, spun, or repackaged. Depending upon the context, these may include research reports, sales receipts, speeches, e-mails, original artwork, manuscripts, photos, diaries, personal letters, spoken stories/tales/interviews, diplomatic records, etc.
Think of physical evidence or eyewitness testimony in a court trial.
Secondary
Secondary sources interpret, analyze, or summarize.
Commentary upon, or analysis of, events, ideas, or primary sources. Because they are often written significantly after events by parties not directly involved but who have special expertise, they may provide historical context or critical perspectives. Examples are scholarly books, journals, magazines, criticism, interpretations, and so forth.
Think of a lawyer's final summation or jury discussion in a court trial.
Tertiary
Tertiary sources compile, index, or organize sources.
Sources which analyzed, compiled and digest secondary sources included mostly in abstracts, bibliographies, handbooks, encyclopedias, indexes, chronologies, etc.
Think of an index that lists all the cases heard by this court during the year.
Before starting your research, it's good to know how information is produced, where it comes from, and how it changes over time.
The Information Lifecycle is the progression of media coverage of a particular newsworthy event. Knowing about the information cycle will help you to better know what information is available on your topic and better evaluate information sources covering that topic.
The Day of an Event
Television, Social Media, and the Web
The Day After an Event
Newspapers
The Week or Weeks After an Event
Weekly Popular Magazines and New Magazines
Six Months to a Year or More After an Event
Academic, Scholarly Journals
A Year to Years After an Event
Books
Government Reports
(Source: Digital Literacy, 2010)