As you can tell by the replies, there are as many answers to your question as there are photographers; so let me add one more to the mix. Let me preface my reply by stating that (1) I am very much an amateur photographer/printer, and what follows is what works for me, (2) I'm using fiber paper, and (3) I agree with all of the talking points made by the previous respondents.
My usual pattern is to produce a working print in the first printing session that has the initial exposure (based on highlights) and contrast I want. I will also make a print with a 1/3 stop more exposure (because Tim Rudman told us in a workshop that you won't know you've got the right exposure/contrast until you've gone too far). Before the next session, I confirm the composition (I start with a full-frame and crop as I see fit), exposure, & contrast. I also map out the areas that need burning and dodging and in some cases bleaching. In the second printing session, I work on burning and dodging using test strips. Ralph Lambrecht's (
Way Beyond Monochrome)
test strip printer makes it easy to do a test strip on a single area of the print using only one 5x7 piece of paper. If necessary, localized bleaching is also done in this session. Assuming that everything has worked out (Murphy's Law: it seldom does), the third (or fourth, which is more likely) printing session is for toning. My printing sessions are usually 2-4 hours long. Because I use a community darkroom, these sessions can span a couple of weeks or more. Between sessions, I spend a lot of time studying and analyzing my work. I can usually work on two prints at a time within this time frame. Add to all of this time spent spotting those prints that require it.
I hope one day to become proficient enough at judging the results of my work that I can shorten the process considerably and use fewer supplies. Until then, it takes however long it takes! The only thing that matters is that I'm happy with the end result, at least for today
