This report defines project management methodologies and their role in mitigating risks and challenges associated with project activities. It compares and contrasts two methodologies, Waterfall and Agile, analyzing their similarities and differences. The Waterfall model is a linear sequential approach suitable for small projects with clear requirements, while Agile is an iterative approach focused on continuous development and customer satisfaction, ideal for projects with frequent changes. The report also discusses how these methodologies relate to the project life cycle (PLC), highlighting Waterfall's logical progression and Agile's flexibility in incorporating new changes, ultimately affecting project delivery speed and accuracy. Desklib provides access to similar solved assignments and study resources for students.