What are the key differences between waterfall and agile budgeting?

What are the key differences between waterfall and agile budgeting?

Waterfall budgeting is a linear approach where costs are estimated upfront and remain fixed, while agile budgeting is flexible, allowing for adjustments as projects evolve.

Which method is better for project management?

It depends on the project. Waterfall is better for projects with clear requirements, while agile is suited for projects needing adaptability.

Can you give examples of projects suitable for each method?

Sure! Waterfall is great for construction projects, while agile works well for software development and marketing campaigns.

How do teams typically handle budgeting in agile?

In agile, teams often use rolling wave budgeting, where they plan in increments and adjust budgets based on ongoing feedback and results.

What are the risks associated with each budgeting method?

Waterfall risks include inflexibility and scope creep, while agile risks involve potential budget overruns if not managed carefully.