The spiral model is a systems development lifecycle model used for large, expensive, and complicated projects. It combines elements of prototyping and risk analysis by iterating through steps of defining requirements, designing, prototyping, testing, and evaluating. This iterative process allows for refinement of prototypes and risk assessment until the customer is satisfied, at which point the final system is constructed. The spiral model is advantageous for risk avoidance but costly, requiring expertise in risk analysis.