Matrix population models provide a natural tool to analyse state-depen
dent life-history strategies. Reproductive value and the intrinsic rat
e of natural increase under a strategy, and the optimal life-history s
trategy can all be easily characterised using projection matrices. The
resultant formulae, however, are not directly comparable with the cor
responding formulae for age structured populations such as Lotka's equ
ations and Fisher's formula for reproductive value. This is because fo
rmulae involving projection matrices lose track of what happens to an
individual over its lifetime anti are only concerned with expected num
bers of descendants one time step in the future. In contrast the usual
age-dependent formulae explicitly followed a single individual throug
h from birth to death. In this paper I show how the state-dependent fo
rmulae can be rewritten to be directly comparable with the standard ag
e-structured formulae. Although the formulae are intuitively obvious t
he decomposition into current and future reproductive success differs
from that previously given and is, I suggest, a more natural definitio
n. The derivation of appropriate equations for optimal life-histories
relies on results from dynamic programming theory; and is much more ge
neral and easier than previous derivations. The value of rewriting pro
jection matrix results in terms of the lifetime of an individual organ
ism is illustrated by an example in which the optimal plastic response
to an environment is derived.