Dear Vimal,
Quite technical topic. Really informative. Thanks for sharing.
To add up the info, the storyboarding process, in the form it is known today, was developed at the Walt Disney Studio during the early 1930s, after several years of similar processes being in use at Walt Disney and other animation studios.
It is very important tool in the making of FILMS, THEATER, ANIMATICS, BUSINESS (to create models in organisation to develope new product idea) COMIC BOOKS, PHOTOMATICS (a group of photographs to create a sequence), INTERACTIVE MEDIA (web development, s/w development).