The Osgood-Schramm model of communication, proposed by Wilbur Schramm in 1954 and based on earlier theories, emphasizes the interactive and circular nature of communication between a sender and receiver. It incorporates components such as the encoder, message, decoder, and feedback, illustrating how both parties alternately send and receive messages. While it highlights the dynamic aspect of communication, the model does not account for semantic noise during the encoding and decoding processes.