The waterfall methodology is more of a traditional way of project management. The entire project is planned and executed in a linear fashion and it is not flexible to change. On the other hand, the agile methodology is more flexible and it can be used to manage projects that are iterative and adaptive. The waterfall method was originally designed for large-scale projects with a fixed scope, where the work was carried out by one team or person at a time. This model usually starts with an initiation phase, where all the necessary information about the project is gathered from various sources including market research, business planning, feasibility study, etc. Next comes the development phase where all activities are done by one or multiple teams of people who work on different parts of the project simultaneously.