Error occurred in deployment step 'Retract Solution'

We got this error when trying to deploy the SharePoint solution using Visual Studio 2010.

Error occurred in deployment step 'Retract Solution': A timeout has occurred while invoking commands in SharePoint host process

To resolve this error, make sure the following checks are made:

1. Make sure that Application Pool corresponding to the site on which deployment made is up and running.

2. Restart the Visual Studio and reset the IIS if necessary.