Here is my take on which methodology to use (or when to use both) when running your start up.
Waterfall is a staged approach for managing projects with multiple milestones to pass. Waterfall projects tend to take longer to release something as each milestone may hold the next part of the stage from starting.
I like waterfall projects that span a long period of time or require multiple departments or organisations collaborating. This is because there is a lot you need to research and get approval when documenting and defining your project requirements and scope. These milestones provide a common sign-off on what to expect next at a particular point in time.
When to use
- When you involve multiple roles and sections of an organisation
- Dependencies across projects mean that
Agile is an iterative approach toward managing projects that aims to use cycles to evolve the project deliverable. Agile is great for rapid development as it doesn't require multiple-stages to deliver something. Instead you work on "sprints" that take 2-4 weeks to rapidly build on a set of ideas. Agile compresses the different types of work from the waterfall milestones into smaller bite-sized "user stories". These describe a particular reason to build a requirement from a particular point of view.
Now Agile doesn't mean you don't need to plan, research or release unfinished work, it just means for the lifecycle of the project deliverable, you run multiple short-stages
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