This is popular way to do things, but it doesn't actually work very well in practise. As the number of common screen sizes is effectively infinite (as you can do things like zoom in and out on a page, or switch modes, or shrink/expand the browser window), it's a fools errand.
The way you "do responsive design" successfully generally involves: start at a tiny (mobile phone size). Expand until something breaks - fix something at the point (media query etc). Then expand, find next thing, and so on. Lots of stuff that works at mobile size will work at bigger sizes. Re going from small -> big, it's much easier to fix things going that way.