Could Not Launch App

Ref: http://dhilipsiva.blogspot.hk/2012/07/xcode-could-not-launch-app-no-such-file.html

When Build and Run xcode project and encouter error like this:
"Could not launch app - No such file or directy .... "
and saying missing file in .../DerivedData/

follow these steps:

1. Disconnect your device. 
2. Delete the app from your device. 
3. Quit xcode (Don't just simply close the window, quit it) 
4. Delete derived data folder (~/Library/Developer/Xcode/DerivedData/{your project}
5. Now start Xcode, connect device and run the project. It should work fine.