well judging by some time making flash games and coding at tafe, and making 3d models, and watching lots of stuff on tv and internet, id say its like making a movie really, oh and watched nice behind the scenes on halo 3 and oblivion, RA3
- story/art dpt, make storyboards, make concept art etc, get photos, scripts etc.
- sound, go out record foley, voice, atmospehere, fx,music etc, especiialy writing music for games today, orchestras, voice actors/talent
- models/textures, they go get the real version of say a Kar98 take heaps of photos, get details,get the feel of it, measurements etc, make models etc same for textures, go out and shoot photos of dirt etc...
- production, finances, staff, etc all the logistics, making sure production comes along nice and on time
- coding/testing, well u know.
- catering, the best bit
- PR/Market, market game,forums,website,etc
- mocap/animation, study somethings animation,motion capture
all i can think off of my head atm, hope it helps