Run in circles and scream also works
A small team try to create a concept document to pitch it to someone with money.
A small team work on the project trying to get as many of the major decisions done for the full production.
This is the main phase where all the coders, artists, level designers and everyone else work on the game. Often milestone based where progress need to be shown at set dates to the evil overlord that is also known as the publisher. For development scrum works nice with the development split into smaller teams.
In this phase only a small group of coders and artists remain on the project. Trying to get rid of the final bugs that will let the next release candidate turn into a gold master. Everyone pretty much hate the game at this point.
When a game project is done a post-mortem can be performed so solutions can be found to any problems in the development process. The idea is that that way the team would avoid making the same mistake on the next game. But game development is a industry where teams and companies crash and reform on a project basis so that does not happen that often. It's fun to read the public ones at http://www.gamasutra.com/features/postmortem.