Explain the concept of 'Iterative Development' in Palantir applications.

Iterative Development is a software development methodology characterized by the incremental refinement of a product through repeated cycles of development and user feedback. In the context of Palantir applications, this approach allows developers to create a minimum viable product that can be tested and evaluated by users early in the development process.

Each iteration involves developing a portion of the application, testing it, collecting user feedback, and then refining and enhancing the application based on that feedback. This cycle continues until the final product meets user needs effectively and efficiently. This methodology is particularly well-suited for environments where requirements can evolve based on real-world usage and where user engagement and adaptability are key to successful application deployment.

In contrast to methods that depend heavily on fixed timelines or long-term project plans, iterative development embraces flexibility and continuous improvement, allowing for dynamic responses to change and the incorporation of new insights as the application is developed.