It’s important to understand these two different methodologies, their key differences and how to take advantage of their benefits. Traditionally, the more formal PMI teaches procedure, governance, the ability to manage multiple dependencies, and how to control budget. It’s typically well suited for complex projects with larger teams and requires more upfront planning. It is often referred to as Waterfall because of its sequential, linear phased approach to better manage dependencies. This traditional approach also provides more detail and a higher level of documentation. An Agile project management approach has been adopted and utilized by the software development community where you shift more quickly to execution and spend less time planning. This allows companies to adapt to ever-changing business needs while providing an innovative framework. Agile typically has shorter upfront planning with continuous iterations, reflections and multiple deliveries. Regardless of the methods you have chosen to manage your project, there are three elements to be considered for every project: scope, timeline and resources (budget). Although we consider all three of these to be necessary elements, you must prioritize each.