An iterative process is a sequence of procedures that facilitates the creation of a more refined product or application.
In this definition...
Instead of development and production leading to a single release of a “complete” end product, the iterative process focuses on a cycle.
Because the iterative process involves a constant review of the work and methods used throughout the development process, it is a key principle of lean methodologies and Agile project management.
At the most basic level, the iterative process makes use of a continuously recycled five-step procedure. These procedures are Planning, Analysis, Implementation, Testing, and Evaluation.
The iterative process is used in manufacturing, finance, engineering, software development, product development, medical research, and more. These professions use the iterative process to develop new products or improve or refine better versions of old products while still supporting end-user demands for innovation.
Unlike conventional linear development processes employed in manufacturing, where the goal is to produce a single, final result, the iterative process is flexible and allows a cyclical movement of events during the production stage.
At first, the organization plans the product, analyzing end-user needs and how the proposed solution will compare with existing options. Upon release of the MVP, feedback mechanisms may be employed for targeted end-users to give feedback. Combining that feedback with project plans for features or functionality, the product is refined and re-released. The cycle repeats until the product satisfies all user requirements.
The iterative process is important because it allows creators to make needed adjustments before the final release of the product. Other benefits include: