Release and deployment management is a system that helps plan, schedule, and control all components of software product launch. It involves decoupling deployment from release using feature flags to enable frequent minor releases, proactive testing in production, and collection of user feedback before a release. The four phases of going live with new software include defining acceptance criteria, dark launching or canary testing, refining the new feature as needed, and finally releasing it to all users. ITIL release management focuses on best practices for ITSM while DevOps release management encourages closer alignment between developers and operations engineers. Key tips to optimize release management process include establishing KPIs, standardizing the release process, reducing risk with feature flags, using automation, and tracking user engagement metrics early and often. Feature flags provide a safety net for continuously delivering software by allowing developers to deploy code whenever they want while enabling businesses to release when ready.