Fetch
The control unit fetches the next instruction / data item, requesting the address of the data / instruction along the data bus whilst sending clock signals along the control bus. The instruction/data bus and is stored in the appropriate register.
Decode
The control unit then receives the instructions and decodes it by looking it up in its instruction set.
Execute
The ALU will then perform the appropriate calculation, after which the Control Unit will use the address bus to request a memory location to store the output. The control unit will then send the data back to memory along the data bus.