This document compares and contrasts the Waterfall and Agile project management methodologies. It outlines the key differences between the two approaches, such as Waterfall being rigid and inflexible while Agile is iterative and flexible. It also discusses how they have similar elements like planning and tracking progress. The document notes that while Waterfall is best for long-term, stable projects, Agile has grown in popularity for its ability to adapt to changes. It concludes that a hybrid approach combining aspects of both methodologies can work best depending on the specific project's needs.