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OOSE's Software Process Model
We are following a hybrid model which is mostly based on the agile methodology (in particular, based on agile development methods of Extreme Programming and SCRUM).
The time you will spend on your term project is divided into a sequence of four two-week iterations. At each iteration, you should focus on delivering a few key functional requirements of your application. As an initial implementation takes shape, use it to refine the requirements and the design of your application. As the iterations go by, implement more features, continue to refine requirements/design more, and provide continual releases of the working application.