1) licensing for all content (to get rights to whatever you want to put on there)
2.) licensing for whatever copy protection you want on your disc...if you want it proteted. companies don't give away their protection schemes for free (and if they do they probably don't work) Then again, this forum is about making ALL copy protection schemes not work so this might be a useless step
2) designers/programmers (to create the content with the material you've gotten the rights for, make it look pretty, and make it work correctly)
3) production (having masters made up, checking them then paying for copies to be made. in this step you don't buy "blank discs." any reputable production house will not BURN, they PRESS. the cost of discs are factored into "production costs." This also eliminates "duplication" budgeting since they will press however many you want and you don't need someone sitting there with a duplication tower)
4) distribution to get the product to the masses and into best buys across the country
5) marketing/ad campaigns (to make people want to buy the product)
how specific do you need to be? there's also personnel involced...art directors, graphic designers, producers, techs, test marketing, etc., etc.
*note, i've never produced a cd-rom before. My experience is with records and CDs, but I adapted a lot of the process to what I assume someone producing interactive contentmight need...