This procedure can be used very successfully to create economically designed parts from scratch with minimum effort. The most important aspect of this process is that the design is driven by real life loads which will act on the part and therefore risk of failure under load is significantly reduced.
Each of the images below link to a webpage with more information or a tutorial on how to perform that exact step in the relevant software (where applicable).
Watch the following series of videos on how exactly Adams, Patran, Nastran and MSC Apex can be used for each of the above steps.
For more information see Simulation Based Design