Explain the Iterative Model

Every release of Iterative Model is developed in a specific, fixed time period known as iteration. Each iteration focuses on a certain set of requirements. Every cycle ends with a usable system i.e. each iteration results in an executable release. Mini waterfall model is followed in every iteration. All high priority risks are taken in the first iteration so that risk at the end of the project is minimal. Since each iteration results in executable release, it enables early user feedback. Another advantage is that main risks are resolved at initial iterations.