Source code management ensures effective collaboration and version control in software development. It involves the use of tools and systems to track changes to code, enabling multiple developers to work simultaneously without conflicts. Features such as branching, merging, and commit history provide transparency and accountability. This structured approach mitigates risks associated with code loss or corruption and facilitates easier debugging and testing. By promoting organized workflow and maintaining a well-documented heritage of the project, source code management is critical for successful software development lifecycles.