The Spiral Model is a software development process that combines elements of prototyping and the waterfall model. It emphasizes risk analysis at each phase of development, allowing for iterative refinement. The key aspects are:
1) It consists of four phases - planning, risk analysis, engineering, and evaluation - that are repeated for each iteration.
2) Risk management is explicitly included to help control the software development process.
3) It extends products from earlier iterations through continuous refinement of requirements, design, and implementation.