Relational Databases with MS Access: Project

You are about to create an application to manage your CDs / DVDs collections at home/work. The application to keep track of the inventory (in/out), who borrowed what and when it is due back (no money transactions please), the system should be able to produce at least 3 reports such as inventory list, items due, most active user and most borrowed item.

What are the steps you are going to take to complete the development process. You should include a detail requirements (5 pages max), suggested design and ER diagram (you can use MS Word for the diagram)