This essay provides a detailed analysis of project management methodologies, focusing on a comparison between the Waterfall and Agile models. It defines project management methodologies and their role in streamlining project activities, highlighting the importance of methodologies in addressing project-related challenges. The essay discusses specific methodologies such as PMBOK, PRINCE2, and SDLC, with a particular emphasis on contrasting the Waterfall and Agile approaches. The Waterfall model is presented as a structured, sequential method, while Agile is characterized by its iterative and flexible nature. The essay also explores the relationship between these methodologies and the project life cycle, emphasizing Agile's adaptability to changing requirements and Waterfall's focus on logical progression and thorough planning. Desklib offers students access to this essay and a wealth of other solved assignments and study resources.