Project Methodology is just a fancy way of describing a system used to do something

Project Methodology is just a fancy way of describing a system used to do something. It contains definitions, guidelines, and templates for the various project management activities needed to deliver successful project. The methodology perform as assets to each project manager and team and provide a common format for evaluating progress toward project goals, objectives and deliverables. It also ties directly to the project life cycle phases and project initiation process flow to provide a more precise definition of projects, a common lexicon used in project management, and a framework of activities mapped to each project class size (www.tutorialspoint.com)
Project Methodologies plays a vital role to provide benefits at the strategic, tactical and operational levels. This enables the delivery organization to tackle these projects comprehensively, systematically, and in an integrated manner for acceptable risk. The methodology enables the delivery organization to realistically assess the risks and difficulties that large projects encompass and put in place the strategies needed to minimize and overcome them. It ensures early recognition and correction of problems, whether these are technical, related to the business requirements, or to the business case. The methodology is the key means by which the delivery organization empowers the project team to do the right thing, the right way, and the first time. This is essential to enable the delivery organization to deliver cost-effective, schedule compressed solutions.
Here, the waterfall and agile models are chosen. The similarities and difference between them are described below in paragraph.
The Waterfall model was first process model to be introduced. It is very simple to understand and used. In a waterfall model, each phase must be completed fully before the next phase can begin. This type of software development model is basically used for the project which is small and there are no uncertain requirements. At the end of each phase, a review takes place to determine if the project is on the right path and whether or not to continue or discard the project. In this model software testing starts only after the development is complete. In waterfall model phases do not overlap.
Similarly, agile model is also type of incremental model. Software developed in incremental, rapid cycles. This results in small incremental releases with each release building on previous functionality. Each release is thoroughly tested to ensure software quality is maintained. It is used for time critical applications. When new changes are needed to be implemented the freedom agile gives to change is very important. New changes can be implemented at very little cost because of the frequency of new increments that produced unlike the waterfall model in agile model very limited planning is required to get started with the project. Agile assumes that the end user’s needs are ever changing in a dynamic business and IT world changes can be discussed and features can be newly affected or removed based on feedback. This effectively gives the customer the finished system they want or need (istqbexam.certification.com)
Both the agile and waterfall are two of the most prominent software development methodologies used for major projects to deliver high value products in the least time possible. However, despite a common goal, they use different approaches to get the projects done. While Agile follows an incremental approach to get things done, waterfall uses a sequential design process (www.difference between.net)
Waterfall uses a traditional approach which can be rigid at times and where the whole development process is divided into a series of events starting from conception and all the way through to production. Agile, on the other hand, is more like plan-driven which see analysis, design, coding, implementation; and testing as different phases of a software development project. It works well when scope of the project is known before hand, but it limits changes there by restricting adaptability. Agile, as a modern approach, is open to changes comes at a price of course, but it works well when scope of the project is unknown (www.base36.com)
Agile takes an iterative approach that is derived from lean thinking and it allows changing the scope of the project. Similarly, Waterfall takes a sequential approach to software development where a project is divided into different phases. In agile methodologies customer availability is important through the entire project where as in waterfall methodologies customer availability is required only at set milestone. Agile methodologies provide flexibility to oversee the development project where as in waterfall flexibility is limited as products are based upon document requirement.

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