actually, i'd say to do it a different way:
1) Design your game and write it down on paper. Failing to do this will most likely result in a failed project. Trust me, it helps a TON. The more you write down, the easier development becomes.
2)Build a basic game engine using only placeholders. There is no point in making the media now. This is because you may find that you want to change some aspects of your game while you are building the core engine, which often leads to cuts and/or additions of content. Building the game engine has some steps of its own:
A) Deside how your code is going to be broken up and organized. (Ex: you might have functions that handle terrain, player movement, enemy AI, ect.)
B) Program each of these code segments and test regularly. So, at first you may want to get the terrain working, which would mean you have to load it, position/rotate/scale/ect, then explore/test for errors such as holes and such. After this is completed, you move onto the next segment.
C) Debugging/Testing. This step is HUGE. Not only is it incredibly important, it takes a lot of time. During debugging, you want to test every possible outcome of playing your game. Sometimes this requires really out-of-the-box thinking, especially if the game is online (Human players can be very unpredictable). Also, you will want to test your game on multiple computers to ensure that others can play it without incident.
D) Optimization. Even though your game works just fine on your computer, doesn't mean it will on others'. Optimizations can help reduce the amount of work your CPU and GPU do, allowing a wider audience (aka: people with slower computers than you). Optimization may also cover fixing laggy parts of the game that occur do to poor resource management.
3) You've finished the core engine, so now you can work on media. This step is quite large, but I don't really need to break it down too much. Basically, this will encompass: 2D Artwork (like GUI, or if your game is 2D, then just about all visuals will be covered here), 3D Artwork (if your game is 3d, you will need models, textures, shaders, ect), music, sound effects. Also keep in mind that you are going to want to work on media before your project is ready. Don't do this! Changes in your game's design can lead to, as i've already mentioned, cut and/or added content. So, if you made your media first, that means you could be chucking a lot of your hard work away because it no longer fits with the core engine.
4) Tweaks, quick addons, touchups, and polish. Your game is almost done and just needs some sparkle now. This could include: credits, adding extra AI dialog, extra media, ect. Just remember that all of the EXTRA stuff means it is NOT required and that you are adding it just for fun or to make the game a bit longer/more enjoyable. You may also want to go through a few more play tests as well to make sure everything is working as designed.
There you go! A quick and simple guide to making a game. Obviously the specifics are out, but you can probably get those from internet resources and books