How does V8 optimize JavaScript execution using its compilation pipeline?

Imagine you have a recipe book (source code) and you want to cook a meal (run the code). First, you read the recipe (parse to AST), then you prepare the ingredients (convert to bytecode). If you notice you cook this meal often, you might find faster ways to cook it (JIT to machine code). But if you make a mistake, you might have to go back to the recipe and start over (deoptimize).