The phases in Waterfall model are: Requirement Specifications phase, Software Design, Implementation and Testing & Maintenance. All these phases are cascaded to each other so that second phase is started as and when defined set of goals are achieved for first phase and it is signed off, so the name "Waterfall Model". All the methods and processes undertaken in Waterfall Model are more visible.
The stages of "The Waterfall Model" are:
Requirement Analysis & Definition: All possible requirements of the system to be developed are captured in this phase. Requirements are set of functionalities and constraints that the end-user (who will be using the system) expects from the system. The requirements are gathered from the end-user by consultation, these requirements are analyzed for their validity and the possibility of incorporating the requirements in the system to be development is also studied. Finally, a Requirement Specification document is created which serves the purpose of guideline for the next phase of the model.
System & Software Design: Before a starting for actual coding, it is highly important to understand what we are going to create and what it should look like? The requirement specifications from first phase are studied in this phase and system design is prepared. System Design helps in specifying hardware and system requirements and also helps in defining overall system architecture. The system design specifications serve as input for the next phase of the model.
Implementation & Unit Testing: On receiving system design documents, the work is divided in modules/units and actual coding is started. The system is first developed in small programs called units, which are integrated in the next phase. Each unit is developed and tested for its functionality; this is referred to as Unit Testing. Unit testing mainly verifies if the modules/units meet their specifications.
Integration & System Testing: As specified above, the system is first divided in units which are developed and tested for their functionalities. These units are integrated into a complete system during Integration phase and tested to check if all modules/units coordinate between each other and the system as a whole behaves as per the specifications. After successfully testing the software, it is delivered to the customer.
Operations & Maintenance: This phase of "The Waterfall Model" is virtually never ending phase (Very long). Generally, problems with the system developed (which are not found during the development life cycle) come up after its practical use starts, so the issues related to the system are solved after deployment of the system. Not all the problems come in picture directly but they arise time to time and needs to be solved; hence this process is referred as Maintenance.
Advantages
The advantage of waterfall development is that it allows for departmentalization and managerial control. A schedule can be set with deadlines for each stage of development and a product can proceed through the development process like a car in a carwash, and theoretically, be delivered on time. Development moves from concept, through design, implementation, testing, installation, troubleshooting, and ends up at operation and maintenance. Each phase of development proceeds in strict order, without any overlapping or iterative steps.
Disadvantages
The disadvantage of waterfall development is that it does not allow for much reflection or revision. Once an application is in the testing stage, it is very difficult to go back and change something that was not well-thought out in the concept stage. Alternatives to the waterfall model include joint application development(JAD), rapid application development (RAD), synch and stabilize, build and fix, and the spiral model.
Common Errors in Requirements Analysis
In the traditional waterfall model of software development, the first phase of requirements analysis is also the most important one. This is the phase which involves gathering information about the customer`s needs and defining, in the clearest possible terms, the problem that the product is expected to solve.
This analysis includes understanding the customer`s business context and constraints, the functions the product must perform, the performance levels it must adhere to, and the external systems it must be compatible with. Techniques used to obtain this understanding include customer interviews, use cases, and "shopping lists" of software features. The results of the analysis are typically captured in a formal requirements specification, which serves as input to the next step.
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Source:
http://www.onestoptesting.com/sdlc-models/waterfall-model/