The document discusses various software development life cycle models. It describes the iterative and incremental model in detail, noting that it involves developing the software in increments with each increment applying the classical waterfall phases of requirements, analysis, design, implementation and testing on a portion of the software. Each iteration can be viewed as a small waterfall model. The model allows for risks to be addressed early and working versions to be delivered frequently for feedback. Other models discussed include waterfall, rapid prototyping, agile processes, synchronize-and-stabilize and spiral. The document concludes no single model is best and a hybrid approach may be most effective.