Risk Management in Agile and Waterfall Models: A Review
One of the essential factors to consider when choosing a suitable development method is by assessing the risks associated with the particular methodology. Most organizations prefer risk-free approaches as the best way of maximizing their profit. Risks are viewed in terms of the factors likely to cause them and how they will impact the project. This paper focuses on two popular system methodologies, the waterfall and agile models, and the assessment of the risks involved in these two methods. The survey made use of related literature analyzing risk management in these two development models. The waterfall approach is a sequential method that involves specific predetermined stages handled by different professionals. Involvement of dedicated customers in each sprint of the process eliminates the uncertainties of releasing a product that would not address the needs of its users. The adaptive nature of agile methodologies ensures that the newly-developed system addresses all the users’ needs. The waterfall method is suitable for well-planned long-term projects that run within a strict budget that is specified before the development begins. Agile methodologies are ideal for projects that do not require too much formal planning and documentation.