Working in Industry
What is the right way to do layout drawings
make a part and then do the drawing for that part and so on.
Make the model and then after all parts are modelled do the layout drawings?
These are good answers.. I will say one thing - lately if I need calculations, and sometimes even just for 'feeling out the models used by FEA', I have been making ultra-simplified models with real world dimensions but few features, and then using them for initial FEA testing before designing a given part. This is only for parts where 'performance' is important, or where there is special questions.. This would fulfill Manois' Calculations First statement.
One thing missing there, even for many engineers is the 'Freehand Sketching\Napkin' stage. And also, for completeness you can add in a 'Group Discussion\Internal self examination'.
Another step that may not be specified, but is ALWAYS important 'in industry' is the final QC\QA\Engineer's signature on the final 'set of drawings', which comes right before production. This is ubiquitous among 'serious' engineering firms and is another key place where problems get caught and sent back for some more modeling, validation, and so on.
There are a bazillion exceptions to any given 'list of steps' one might take to fulfill a given engineering or design challenge.
William, as I am thinking about petroski, let me recommend to you his writings.
Check out 'To Enginerror is Human' or his similar books. Very interesting reading with exciting little engineering-disaster story arcs.
For something more serious and also metaphysical, Donald Norman's 'Design of Everyday Things' is great.