The Dynamic Systems Development Method (DSDM) is a framework designed for rapid application development, particularly effective for complex business solutions within tight timelines. It emphasizes active user involvement, iterative development, and integrates testing throughout the project lifecycle, which consists of seven phases from feasibility to post-project activities. DSDM utilizes timeboxing to manage project timelines and prioritizes deliverables based on the MoSCoW rules, ensuring essential features are completed effectively.