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Agile methodology is an iterative approach to project management, this means the project team can design and develop software that is constantly being reviewed and reworked, ensuring the "best in show" software solutions.
This is immensely beneficial to project teams who are able to use this methodology, due to the ability to quickly turn around new requirements and implement them.
However, due to the iterative approach allowing fast redesign and reimplementation, means that Agile projects can become quite lengthy.
Waterfall methodology is a linear, phased approach to running projects. The Waterfall phased approach is dependant on the previous phase of the project, meaning that phases have to be completed prior to the next phase starting.
This can be very beneficial to project teams, as they have a full set of requirements and all information on the project prior to implementing it.
However, this can also be its downfall; as the requirements are gathered up front and implemented from start to finish, it can cause issues with customers deciding that they want to change a requirement mid Project.
"Wagile" is a blended methodology that is adopted by most Consultancies. The reason behind this is; not many project teams like to implement pure Agile or Waterfall, due to the potential issues they can cause.
The term Wagile was coined, which is intended to be a mix of both methodologies. With Wagile, you get the iterative support of Agile, but with the benefits of having a set of upfront requirements.
Whilst we understand that project teams do not like the hidden costs of having to change requirements mid build. Wagile allows this to happen in a smoother way then it would with a Waterfall project, but it also means we shouldn't hit any surprises that might popup during an Agile Project.