Process models provide a structured approach to software engineering by defining key activities and flows. Generic process models include communication, planning, modeling, construction, and deployment activities. Process flows can be linear, iterative, evolutionary, or parallel. Prescriptive models like the waterfall model advocate an orderly approach but lack flexibility for changing requirements. The incremental and spiral models incorporate iteration and prototypes to accommodate change while still providing structure. Evolutionary approaches address changing requirements but require management of project planning and evolution speed.