Traditional project management is an established methodology where projects are run in a sequential cycle: initiation, planning, execution, monitoring, and closure. The traditional project management approach emphasizes linear processes, documentation, upfront planning, and prioritization. As per the conventional method, time and budget are variable, and requirements are fixed, due to which it often faces budget and timeline issues. The standard methodology PMBOK® defines tools and techniques that project managers follow for every step.

Some of the most well-known project management approaches were developed for industries like manufacturing or engineering, which produce physical products such as buildings, machines, cars, or computers. 

Waterfall

The most common way to plan out a project, the Waterfall method is a simple sequential approach. Each project phase must be completed before beginning the next one, leading to the end deliverable. These project plans can be easily replicated for future use. In a waterfall structure, deliverables are clearly defined and a proper WBS (Work Breakdown Structure) can be defined. Waterfall emphasizes on making sure that each participant has a clearly defined role, and none of the phases or goals are expected to change.

Agile project management is an iterative approach to delivering a project throughout its life cycle. Iterations are made up of many small steps or iterations that bring a project to its end. Iterative approaches are often used in software development projects to speed things up and make them more flexible, since changes can be made as the project goes on instead of following a straight line in a traditional approach. One goal of an agile approach is to get results all along the way, not just at the end. The core of agile projects should be based on trust, flexibility, empowerment, and working together.

4 Core Values Of Agile

• Individuals & interactions Over Processes & Tools

Agile emphasizes team collaboration and teamwork over working independently, it also focuses on team communication, sharing data and learning from feedback. 

• Working Software Over Comprehensive Documentation

Agile is less focused on the documentation compared with the waterfall project management approach, it simplifies the documentation by using user stories to document requirements. Besides that, Agile focuses on the development to create a working software that delivers business value in each interation. 

• Customer Collaboration Over Contract Negotiation

Agile is a continuous development process based on customer feedback, so customers will be involved and interact frequently with the project team. The project team has to ensure they meet their customer requirements, satisfaction as well as the quality of the product.

• Responding To Change Over Following A Plan

Agile prioritization on changing, being flexible and able to respond to change are required. Reviews and corrections must be done quickly to meet customer requirements in each sprint. 

Agile project management is a collaborative methodology made up of brief development cycles, or "sprints," that take input into account as the project moves forward in an effort to embrace flexibility and continuous improvement. Agile project management puts less emphasis on a hierarchical leadership structure and more emphasis on team cooperation. Within the agile methodology two of the most widely used frameworks are Scrum and Kanban.

Scrum

Scrum is a framework for developing and sustaining complex products. This Guide contains the definition of Scrum. This definition consists of Scrum’s roles, events, artifacts, and the rules that bind them together. Scrum helps people and teams deliver value incrementally in a collaborative way. As an agile framework, Scrum provides just enough structure for people and teams to integrate into how they work, while adding the right practices to optimize for their specific needs. 

Kanban

Suited for projects with priorities that can frequently change, Kanban is similar to Scrum but progresses continuously, rather than in predefined sprint periods. Work is pulled in when needed and when capacity allows. Kanban is about visualization of work, and maximizing efficiency at the same time. 

Agile-Waterfall Hybrid is a combination of both Agile and Waterfall approaches, it is applicable for software development and hardware development. This approach leverages the benefits of both (waterfall and agile) principles. This approach is able to shorten the design, analysis and planning, but lets you define project frames including budget and time of delivery. At the same time, it has the detailed planning of the waterfall while having the flexibility of agile. This is an approach that enhances collaboration with customers. 

The Hybrid model requires strong collaboration between the two types of teams. Therefore, special communication forms and channels have to be implemented. Usually, those using the Hybrid model need training for both types of teams so as to make sure they all understand the basics as well as the benefits of taking this approach.