The Agile method was conceived as a revolt against the Waterfall method. Agile was going to be everything that Waterfall was not: lightweight, simple, free of bureaucracy, and successful. In retrospect, Agile was successful, but that doesn't mean that Waterfall is obsolete.
It turns out that Agile is good for some situations, and Waterfall is good for others.
Agile is effective when the functionality of the completed system is not known in advance. The Agile method moves forward in small steps which explore functionality, with reviews after each step. The Agile method also allows for changes in direction after each review. Agile provides flexibility.
Waterfall is effective when the functionality and the delivery date is known in advance. The Waterfall method starts with a set of requirements and executes a plan for analysis, design, coding, testing, and deployment. It commits to delivering that functionality on the delivery date, and does not allow (in its pure form) for changes in direction. Waterfall provides predictability.
Established companies, which have an ongoing business with procedures and policies, often want the predictability that Waterfall offers. They have business partners and customers and people to whom they make commitments (such as "a new feature will be ready for the new season"). They know in detail the change they want and they know precisely when they want the change to be effective. For them, the Waterfall method is appropriate.
Start-ups, on the other hand, are building their business model and are not always certain of how it will work. Many start-ups adjust their initial vision to obtain profitability. Start-ups don't have customers and business partners, or at least not with long-standing relationships and specific expectations. Start-ups expect to make changes to their plan. While they want to start offering services and products quickly (to generate income) they don't have a specific date in mind (other than the "end of runway" date when they run out of cash). Their world is very different from the world of the established company. They need the flexibility of Agile.
The rise of Agile did not mean the death of Waterfall -- despite some intentions of the instigators. Both have strengths, and each can be used effectively. (Of course, each can be mis-used, too. It is quite easy to manage a project "into the ground" with the wrong method, or a poorly applied method.)
The moral is: know what is best for your project and use the right methods.
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