The Iterative Development Methodology is adapted from Waterfall and progresses through a defined set of stages with the final product coming out at the end. Unlike Waterfall it allows the developer to go back to previous stages to fix any issues however you do need to go through the next stages again.
Iterative project organisation needs to be highly structured and most medium to large projects will have procedures to control every process on the project to protect it from going wrong
Iterative places an emphasis on documentation because if a team member leaves before the project is completed it would be difficult to recover without a way to pass on all the knowledge.