This report provides a comparative analysis of Agile and Waterfall project management methodologies. It defines project methodology and its role in project management, highlighting the structured processes and benefits of methodologies like Waterfall in capturing project components and fostering team accountability. The report then compares Waterfall and Agile methodologies, noting their similarities in problem-solving and project actions, but contrasting their approaches to change management and project focus. Agile is identified as more suitable for complex projects due to its adaptability. Finally, the report relates the Agile model to the project life cycle, outlining the phases of initiation, planning, execution, and closure. Desklib is a great platform for students to find similar solved assignments.