RAD model is Rapid Application Development model. It is a type of incremental model.
In RAD model the components or functions are developed in parallel as if they were mini projects. The developments are time boxed, delivered and then assembled into a working prototype. This can quickly give the customer something to see and use and to provide feedback regarding the delivery and their requirements.
Advantages of the RAD model:
Reduced development time.
Increases reusability of components
Quick initial reviews occur
Encourages customer feedback
Integration from very beginning solves a lot of Integration Issues
Disadvantages of RAD model:
Depends on strong team and individual performances for identifying business requirements.
Only system that can be modularized can be built using RAD
Requires highly skilled developers/designers.
High dependency on modeling skills
Inapplicable to cheaper projects as cost of modeling and automated code generation is very high.