Agile Process is a very empowering framework that helps companies design and build the right product. It is the universal remedy for software development. Software applications developed through the Agile process have three times the success rate of the traditional Waterfall method and a much lower percentage of time & cost overruns.The process is very beneficial for software companies too because it helps them analyze and improve their product throughout its development. This enables companies to produce a highly valuable product so they stay competitive in the market.
Waterfall Model is a linear approach of project development in which the requirements are gathered at the beginning of the project. After that, a step-by-step plan is laid out to accommodate those requirements. It is one of the oldest and most traditional forms of software development, where the plan is usually divided between five to seven phases. A rule of waterfall approach is that after a phase in the development cycle is complete, the team will move onto the next phase. In no circumstances, the team will make changes in any of the previously completed phases.