Final answer:
The method of system development described is Iterative Development, which employs a spiral design process, requiring careful planning to avoid unnecessary delays and excessive costs, and is different from Agile and Waterfall methodologies.
Step-by-step explanation:
When developers quickly create a version of a system and give it to the users for feedback, use the feedback to revise the system, and repeat this process until the system is approved, this method is known as Iterative Development. This approach allows for revisions to the system through user feedback, leading to gradual improvements with each cycle. This spiral design process can lead to an end product that is much better than the initial version. However, it requires careful planning for time and resources to avoid delays and overspending. In contrast to the linear and sequential Waterfall Development, Iterative Development recognizes the evolving nature of a project and integrates that into the overall workflow. Agile Development is also iterative and incremental, but it specifically includes small, cross-functional teams and a set of principles for guiding the development process.