The prototyping model involves building quick prototypes to help define requirements through an iterative process of evaluation and refinement with customers. It works well when requirements are unclear, but has problems if quality and maintainability are not prioritized. The RAD model is a variant of the linear sequential model that emphasizes extremely short development cycles through component reuse and automated tools. It is well-suited to modular projects with well-understood requirements and committed teams, but faces challenges with large or technically risky projects.