There is emphasis on documentation (requirements documents, design documents)
This model progresses through easily understandable phases.
Structured and systematic procedure. Easily identifiable milestones.
CONS
Requirements may not be known to the client before seeing the working software.
High amount of risk and uncertainty.
Since each phase is dependent on the completion of previous phase, delay in any phase can delay the whole process.
There are no new inputs that can be added during the process and meanwhile there can be improvements and advances in the market. Therefore the product cannot catch up with the requirement in the market.
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Agile
PROS
It satisfies the customer by giving an insight on the product in the earlier stages of the process.
Constant feedback cycles reassure the client about their requirements
Accepts changes at any point of time in the process
Keeps up with the rapidly changing requirements of the market.
CONS
Documentation is not given that much importance.
The beginning stage is not based on a strict schedule. Therefore it may cause difficulties in case of tight deadlines, if not managed properly.
Changing product requirements can cause problems in terms of organization.
It requires a consistent team. If any team member drops out midway then explaining the whole project to the new member will result in waste of time.