The Rapid Application Development (RAD) model is an incremental model that delivers software to users early by devoting less time to planning and more time to development. It uses a combination of Joint Application Development techniques and CASE tools to convert user needs into designs through collaboration between system developers and users. Feedback from development is then used to refine requirements and design. The RAD model aims to complete projects on time and within budget while identifying problems early through its fast iterative development process.