Add detailed information on KEP process

Signed-off-by: Anish Asthana <anishasthana1@gmail.com>

proposals/README.md

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+# KEP Format to Propose and Document Enhancements to Kubeflow
+
+## Summary
+
+A standardized development process for Kubeflow is recommended, when the scope is sufficiently large, in order to:
+
+- provide a common structure for proposing changes to Kubeflow
+- ensure that the motivation for a change is clear
+- allow for the enumeration of stability milestones and stability graduation
+  criteria
+- persist project information in a Version Control System (VCS) for future
+  contributors
+- support the creation of _high-value, user-facing_ information such as:
+  - an overall project development roadmap
+  - motivation for impactful user-facing changes
+- reserve GitHub issues for tracking work in flight, instead of creating "umbrella"
+  issues
+- ensure community participants can successfully drive changes to
+  completion across one or more releases while stakeholders are adequately
+  represented throughout the process
+
+This process is supported by a unit of work of the Kubeflow Enhancement Proposal format, or KEP for short.
+A KEP attempts to combine aspects of
+
+- a feature, and effort-tracking document
+- a product requirements document
+- a design document
+
+into one file.
+
+We are proposing usage of KEPs in Kubeflow to be better aligned with the wider Kubernetes community.
+
+This proposal takes heavy inspiration from the [Kubernetes KEP Proposal](https://github.com/kubernetes/enhancements/blob/master/keps/sig-architecture/0000-kep-process/README.md)
+
+## Motivation
+
+Documenting proposals and enhancements are critical in managing the complexity and longevity of software projects.
+
+Some examples include:
+
+1. Capturing the "why" behind critical architectural choices, not just the what.
+   1. This helps current and future team members understand the reasoning behind decisions, particularly when the rationale is no longer obvious.
+2. Improve Communication and Collaboration.
+3. Serve as a single source of truth for architectural decisions.
+4. By documenting options and their trade-offs, KEPs encourage structured decision-making and transparency.
+5. Enable Traceability
+6. Create a decision history that allows new (and old) contributors to trace architectural choices back to their original context, assumptions, and goals
+
+### Goals
+
+- Capture the Why Behind Decisions
+- Foster Clear Communication
+- Enable Decision Traceability
+- Encourage Thoughtful, Deliberate Decisions
+- Preserve Institutional Knowledge
+
+### Non-Goals
+
+- Not a substitute for technical or user documentation
+- Not a substitute or replacement for meaningful commit messages
+
+## Proposal
+
+A KEP is broken into sections which can be merged into source control
+incrementally in order to support an iterative development process. The KEP process
+is intended to create high-quality, uniform design and implementation documents
+for maintainers to deliberate. Contributors proposing new KEPs should create a copy
+of the [template directory](./NNNN-template) and proceed as per the instructions in the template.
+
+## Reference-Level Explanation
+
+### What Type of Work Should Be Tracked by a KEP
+
+Roughly any user or operator facing enhancement should follow the KEP process.
+If an enhancement would be described in either written or verbal communication
+to anyone besides the KEP author or developer, then consider creating a KEP.
+
+Similarly, any technical effort (refactoring, major architectural change) that
+will significantly impact a large section of the development community should also be
+communicated widely. The KEP process is suited for this even if it will have
+zero impact on the typical user or operator.
+
+### KEP Workflow
+
+A KEP has the following states:
+
+- `provisional`: The KEP has been proposed and is actively being defined.
+  This is the starting state while the KEP is being fleshed out and actively defined and discussed.
+  The owning SIG has accepted that this work must be done.
+- `implementable`: The approvers have approved this KEP for implementation.
+- `implemented`: The KEP has been implemented and is no longer actively changed.
+- `deferred`: The KEP is proposed but not actively being worked on.
+- `rejected`: The approvers and authors have decided that this KEP is not moving forward.
+  The KEP is kept around as a historical document.
+- `withdrawn`: The authors have withdrawn the KEP.
+- `replaced`: The KEP has been replaced by a new KEP.
+  The `superseded-by` metadata value should point to the new KEP.
+
+Some authors may prefer to prepare a Google Doc (or similar) before creating a KEP on GitHub.
+While not a required part of the process, it may be useful to quickly gather initial community feedback.
+
+We strongly advise KEP authors to present their KEPs in relevant Kubeflow Working Group meetings or the
+wider community meeting as relevant. This will help gather community feedback and bring visibility to
+upcoming changes
+
+### Git and GitHub Implementation
+
+KEPs are checked into the component repo under the `proposals` directory. Note that there isn't yet a standard for where this directory is located.
+Some components locate their KEPS at `./docs/proposals`, whereas other components have their KEPS located at `./proposals`
+
+KEPs affecting multiple Kubeflow projects that do not fit into existing cross-component projects such as `kubeflow/manifests` should be created under `kubeflow/community`
+
+- New KEPs can be checked in with a file name in the form of `draft-YYYYMMDD-my-title.md`.
+- As significant work is done on the KEP, the authors can assign a KEP number.
+  - If there isn't already a tracking issue for the KEP in the approriate repository, create it. This issue number should then be used as the KEP number
+- No other changes should be put in that PR so that it can be approved quickly and minimize merge conflicts.
+- The KEP number can also be done as part of the initial submission if the PR is likely to be uncontested and merged quickly.
+
+### Prior Art
+
+Our usage of the KEP process (and most of this file) is almost entirely based on the
+[Kubernetes KEP Process](https://github.com/kubernetes/enhancements/blob/master/keps/sig-architecture/0000-kep-process/README.md)