A guess here....start with CAD drawing, then CFD analysis, rapid prototype the part, then wind tunnel and finally track. Think that is the basics but sure there are many more steps in between.Sure the process is different for every team.
After the CAD and CFD stage they might Rapid Prototype the mold for the model(I've seen CF windtunnel model, but they might just RP the scaled parts themselves), wind tunnel test it. Then the final parts will likely be made with a mold off a Multi-axis mill and made from carbon for the final part....I'd imagine in F1 terms since most of the these processes are done in-house they can expedite the process without relying on supplier timing...
