I have finally found a revision system which works for me.
1. Write first draft (the ENTIRE first draft, no missing scenes or 'fix this later' notes allowed)
2. Add, remove, and change around scenes until the structure is the way I want it. (running the piece through several more 'drafts')
3. Line-edit it for spelling, grammar, and sentence structure.
4. Read the entire thing again, to make sure I didn't miss anything obvious because of the piece-by-piece way I edit.
5. Give to beta readers.
6. Make final changes based on feedback, fix typos and other small errors picked up by beta readers.
7. File it under final drafts and move on.
I've only ever revised a novel, but I doubt this would be different for a short story or novella.
Poetry (yes, I do write poetry, I just never post about it) is different. My first draft is also my final draft. All I do is spell check it. If I don't like the way a poem turns out, I just start over and write a new poem about the same theme.