Those who are accustomed to the waterfall methodology of the software product development may know that it is the documentation-heavy approach because it follows the “Measure twice, cut once” theory.
Therefore, developers can take waterfall methodology into consideration when they are assured regarding the product development path and challenges ahead.
It requires heavy prior research and brainstorming before doing anything. Project managers have to define each step and task in advance with accurate measurements of time, resources, and cost.
The most, unfortunately, the thing is that the room for client feedback is little and if any taken into account may cost dearly to the development team as the entire process run again with each feedback implementation.
Against the waterfall, the Agile Software Product Development methodology involves adequate scopes for product iteration the development process.
With each iteration or sprint, the team prepares a portion of the product or smaller amount of delivered needs. Therefore, development team, as well as the client, can review the part of the product and give valuable inputs if needed.
The feedback honored and taken into account for the next iteration. Thus, the scope for flexibility and improvement remains there that developer as well as clients love explicitly.
Therefore, we can say that in the exceptional cases, waterfall development methodology worked well and accepted by the market while agile is universally accepted and implemented wildly across all sorts of software product development projects.