Release management involves coordinating all activities needed to prepare and plan a software release, including prioritizing features, assigning work to releases, ensuring features pass testing, and deploying releases. Test management focuses specifically on testing activities like validating features meet requirements and checking for bugs before assigning features to a release. An effective release process considers both release and test management by establishing an annual release plan with environments like stable, freeze, and bugfix to deliver high quality, robust products on a coordinated schedule.