For a university group assignment we need to develop an innovative business concept then produce a business plan. Our group has come up with the concept of a game that teaches basic financial literacy skills to kids. The game will be of average 2D quality, and include approximately 30-50 screens/frames. We are making an assumption that there would be 5 skilled professionals working on the game.
It would be great if you could give us some information on any of the following areas:

• 
  Process and steps that go into developing a game?
  
• 
  The types costs for developing the game?
  
• 
  Total cost of game development?
  
• 
  Time to develop a game?
  
• 
  Possible use of white label (adjustment to an already made game) to reduce cost and time?
  
  Your help would be greatly appreciated

1. For a university group assignment we need to develop an innovative business concept then produce a business plan.
2. Our group has come up with the concept of [an edugame for] kids. The game will be of average 2D quality, and include approximately 30-50 screens/frames.
3. We are making an assumption that there would be 5 skilled professionals working on the game.
4. Process and steps that go into developing a game?
5. The types costs for developing the game?
6. Total cost of game development?
7. Time to develop a game?
8. Possible use of white label (adjustment to an already made game) to reduce cost and time?

1. And then you decided that the best way to research it is to ask to be spoonfed on a forum. Lovely.
2. Okay, but what's the platform? (Will the game run on a Wii, an iPhone, a toaster...?) Is it a fire-and-forget product, or is it an ongoing service that gets updated over time? And what's the innovative monetization method?
3. Okay. What jobs do each of these 5 people do exactly?
4. Read http://sloperama.com/advice/lesson10.htm
5. I don't understand the question. Look up the 2011 Game Industry Salary Survey.
6. That depends. What's the platform? What's the monetization method?
7. That depends. What's the platform? What's the monetization method?
8. We call that "skinning" (taking an existing game and simply changing the graphics, the "skin"). Never heard the term "white label" before. To answer your question: yes. Possible.

By the way, I moved your post from For Beginners (a technical forum) to this forum, since you're asking business questions.

Process and steps that go into developing a game?

In addition to the link Tom provided you might be interested in the article "Computer Game Development (An Overview)".

• The types costs for developing the game?
  
• Total cost of game development?
  
• Time to develop a game?
  
  

These all vary hugely depending on the type and scale of the game in question, the target platform(s), the talent of the developers, etc.