What is the final phase of memory in which storage may last from hours to a lifetime?

The final phase of memory that allows for storage lasting from hours to a lifetime is long-term memory. This type of memory is crucial for retaining information over extended periods, facilitating our ability to recall past experiences, knowledge, and skills. Contrary to short-term memory, which holds a limited amount of information for brief periods, and immediate memory, which reflects fleeting moments of perception, long-term memory is characterized by its capacity to store vast amounts of information in a more permanent manner.

Working memory functions in the short term and is involved in the manipulation and processing of information, rather than in the long-term storage of it. Long-term memory encompasses various subtypes, including declarative (explicit) memory, which involves facts and events, and procedural (implicit) memory, which pertains to skills and actions. This classification shows the complexity and significance of long-term memory in our cognitive processes and daily functioning.