The document describes the typical lifecycle of a software bug, from when it is first reported as a new bug to when it is eventually closed once fixed. The lifecycle involves the bug changing states as it is reviewed, assigned to a developer, tested after a fix is applied, and finally closed once fully resolved. The document also outlines the different levels of severity a bug can be classified as, from critical bugs that prevent testing to minor cosmetic bugs, and provides an example of a bug report template.