In the context of the SDLC, how does the iterative model differ from the waterfall model in terms of phases and flexibility?

The iterative model differs from the waterfall model as it allows for iterative and repetitive development cycles, revisiting and refining phases as needed. In contrast, the waterfall model is more linear, with a strict sequence of phases. This makes the iterative model more flexible and adaptive, while the waterfall model is more rigid in its approach.