noun
the act or process of repeating; a new version or repetition of something
adjective
relating to or involving iteration
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The software development team is currently working on the next iteration of the application.
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We're on the second iteration of this project, hoping to get it right this time.
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Let's do another round of iteration to see if we can improve this design.
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Life is like an iteration, each cycle bringing new opportunities for growth and improvement.