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The first step of the fetch/decode/execute cycle is known as Instruction Fetching. During this phase, a computer's processor starts by locating the instruction it needs to execute next. This is akin to finding a recipe before starting to bake a cake. Imagine the processor having a 'to-do' list that tells it where the next set of instructions is; this 'to-do' list is called the Program Counter (PC). Just as you would turn the pages of a cookbook, the PC 'turns' to the next instruction to be executed.

The processor reaches into the memory, using the PC like an address, and picks up the instruction. This instruction is temporarily stored in a space called the Instruction Register (IR). It's like copying the recipe onto a notepad to refer to as you bake. After grabbing the instruction, the processor prepares to move on by updating the PC, much like you would mark the page for the next recipe. The process ensures that no instruction is missed and the flow of operations is maintained steadily.

Once the instruction fetching is complete, the Instruction Decoding phase commences. Continuing with our baking analogy, decoding an instruction is like reading through the recipe you've fetched to understand what ingredients and tools you need. In the processor's case, the ingredients and tools are referred to as the OpCode (which stands for Operation Code) and operands (the data it works on).

The processor examines the binary values in the IR, looking for the OpCode to figure out what kind of operation it's going to perform. Will it add or subtract numbers, or perhaps execute a comparison? This is akin to knowing whether you're going to be mixing, baking, or frosting. It also looks for operands, which can be regarded as the specifics, such as 'how much' flour or 'which' bowl. This step is crucial because, without a proper understanding of the OpCode and operands, the processor wouldn't be able to carry out the right action. Additionally, this step includes a check on which registers, or temporary storage areas, will be needed and whether more data must be fetched from the memory; much like checking if you need to preheat the oven or greasing the pan.

With the decoded instruction ready, the processor moves on to the Instruction Execution phase, which is just like when you begin to follow the steps of your recipe. During this stage, the computer's CPU gets busy, diving into the actual work. It takes the operation identified by the OpCode, alongside the operands, and begins to mix, slice, and combine them — only in a digital sense. Arithmetic computations, logical assessments, data transfers, and more are all in a day's work for the CPU.

Imagine performing the act of stirring the batter or chopping the nuts. In binary terms, it might be adding or shifting bits. The outcome of this operation, just like the consistency of the dough or the pile of walnut pieces, will be placed somewhere specified by the instruction — either back into a register or into the memory for longer-term storage. After this, much like rinsing off the spoon before starting on the next step of the recipe, the processor cleans up and sets up for the next round, repeating the whole fetch/decode/execute process until the dish, or in the computer's case, the program, is complete.