Final answer:
The Agile process for checking development speed is primarily through Iteration or Sprint Review, part of the Implementation and Learning Phase. The spiral design process used in Agile involves iterative improvements, evaluation, and potential risks of time and budget overruns.
Step-by-step explanation:
The Agile process utilized to determine if application development meets the expected pace is known as Iteration Review or Sprint Review. It is a part of the Implementation and Learning Phase where the team frequently assesses the progress through iterative cycles. The concept of the spiral design process aligns with this agile methodology. In this approach, design changes are implemented in cycles, followed by testing and evaluation during each iteration. The main advantage of this process is significantly improving the end product over the initial design. However, the need for time and resources for each iteration can be a disadvantage if not properly managed, potentially leading to delays and budget overruns. Proper program evaluation, development of lessons learned, and refinement are integral to ensuring the project remains on track.