Model management poses requirements and responsibilities that extend throughout the life cycle of a simulation model. Recent publications have identified major problems in cost and time overruns, which are traceable to deficiencies in project and sponsor management. Beginning with the division of the simulation model life cycle into seven phases, we define "model management" and develop the requirements for a Model Management System (MMS). The functional description of a MMS focuses on those phases that jointly characterize the model development effort. Recent research in simulation model development is described, and particular emphasis is given to the approach taken with the Conical Methodology.