This document discusses different process models used in software development. It describes the key phases and characteristics of several common process models including waterfall, prototyping, V-model, incremental, iterative, spiral and agile development models. The waterfall model involves sequential phases from requirements to maintenance without iteration. Prototyping allows for user feedback earlier. The V-model adds verification and validation phases. Incremental and iterative models divide the work into smaller chunks to allow for iteration and user feedback throughout development.