HP Application Lifecycle Management (HP ALM) is a set of software tools developed and marketed by the HP for application development and application testing.

It includes tools for requirements management, test planning and functional testing, performance testing (when used with HP Performance Center), developer management 
HP ALM is designed to support key stakeholders responsible for delivering applications as they progress through their lifecycle.
It is a combination of a common platform, several key applications and a dashboard targeted at managing the core lifecycle of applications, from design through readiness for delivery to operations

We are going to learn following components
Project Planning and Tracking
HP ALM provides project planning and tracking so application development solutions teams can define, track, measure, and report on project milestones and key performance indicators.

Application Lifecycle Intelligence
HP ALM delivers real-time traceability of requirements and defects. QA department can significantly benefit from this traceability to get on-time reports and have visibility into the system under development 

Lab Management Automation
HP lab management capability allows testing teams to provision and deploy a test lab themselves in a hybrid delivery environment

Asset Sharing and Re-use
HP ALM supports sharable asset libraries that can be reused across projects while maintaining traceability. Specific changes can be applied to shared assets for each project while maintaining library integrity, and projects can re-synch with the library as needed. Cross-project defect collaboration is also supported