compiling has de-facto three lines (provided all dependency are met (like dll in windows) ie.
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./configure
make
make install
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But, always make sure you read 'INSTALL' or 'README' file in any source tarball , it has list of custom options plus gives you list of other optional devel files needed for source to compile.
But what if you want to distribute compiled binary BACK to developer or share it with others, You can do that by making a RPM file, in fedora you have rpmbuild command which will help you, if developer has provided spec_file . The following Video clip explains how to do that.
In this video, After creating binarys, I get package.rpm with package.src.rpm (which is source rpm ).
Recommended sites:-
docs.fedoraprojects.org (specfile)
docs.fedoraprojects.org (rpmbuild)