I heard an interesting topic this morning on the .Net Rocks! podcast in regard to process management and how 
one company deals with the issues.  So I thought I would just product a simple post of generally what has worked for me over the years.


First, let me say I have worked as a software developer and team lead for 14 years and I have worked in a variety of "shops" mostly in the manufacturing space, but also in banking. I didn't hear anything mentioned about developer creativity. Developers are by nature quite creative people. For some reason this never gets mentioned but a wise IT manager once told me that developers are some of the most creative people he had ever met. When a company has all this process, the individual creative spirit is often left out. Many developers, for example are into photography and music which are very split-brained activities. Too much left brain in software dev and it is suicide, but too much right brain and you never get anything done.
When a creative thoroughbred developer works for a company like this, it is like a death sentence, but most companies definitely need one or two of these types. Below is what i find to be the best combination for a development team and project resource allocation. It is so simple that the managers cringe because they know their jobs are in danger from the lack of process to manage. I have been on many successful projects that use these steps.
1. Use the best developer on the small to medium sized projects. That's right folks, one developer who knows his stuff from SQL to C# to Photoshop and back again.
2. Give him a business analyst to work closely with on a daily basis.
3. Give him access to a graphic artist.
4. Give him access to a DBA if the data is cumbersome.
5. Give him the freedom to create within the BA's specifications.
6. Give him source control and a bug tracking system.
7. Do not use daily continuous integration! Weekly builds are sufficient because the BA is right there approving as needed.
8. Only use ORM tools for CRUD operations. Use SQL stored procs for all "reporting like" pages in your web site or app.
A solid developer with 5+ years of development experience can knock out 3 medium sized projects a year by himself or about 5 to 7 small projects only working an 8 hour day.
Now for large projects. For the purposes of this discussion a large project might be somewhere around 30 or 40 web pages.
1. Use one thoroughbred developer and two newbs. The newbs will listen to he thoroughbred and will complement the team very well. NEVER and I mean NEVER but two really good developers together unless they are close friends! Unless you are writing an ERP system, do not have more than three devs on a team.
2. Use one or two BAs. Again be careful here because BAs can tick each other off also.
3. A full time DBA who works well with the above developers (hey here is where the manger comes in) 
4. Never do code reviews! It is just a competition to see who can write code the cleanest and most modern code. A complete waste of time. The newbs in this case will conform to what the lead dev is doing anyway.
5. Again give the developers creative freedom within the business requirements. Don't let the BA micromanage the devs. This is not their job (again management opportunity)!
The software development life cycle paradigm is less important than the above. I would just say to find one that fits your company but don't go overboard. A good book on the subject is "Rapid Development" by Steve McConnell. It is an oldie but a goodie. The bottom line is that in the end it is all about the thoroughbred developer. Remember when you said the guys upstairs wrote the mobile app as rouge programmers? Well that was a tenacious wanna be thoroughbred. Get you a couple of those guys for the one off projects like your mobile apps and you will impress the heck out of your customers. Be forewarned these guys are not worker bees. They ask questions and are engaging, but the bottom line is they get the job done.