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Iteration modeling begins at the start of each iteration as part of the overall iteration planning. Typically you do some initial requirements and application designing at the beginning of the project, and you do iteration modeling with brain storming and "Just in Time" principles to further drill down the requirements and design throughout an iteration.
Why you should have a Retrospective meeting at the end of every Iteration?
Sprint Retrospective Meeting is meant to provide the opportunity to identify positive and more importantly negative factors your team has recently encountered, prioritize them with respect to impact on team performance and take measures to promote desired ones and remove or at least contain the negative ones.