This document describes two different processes - Waterfall and Agile - for a product owner challenge. Under the Waterfall process, there are 4 phases: 1) upfront planning, 2) defining requirements, 3) building the product, and 4) testing the product. The Agile process involves the product owner explaining the product vision through user stories, estimating story sizes, defining sprints to finish stories, building and testing the product, and adjusting planning as needed. A time-keeper will record metrics like time spent on each phase and number of defects for each process.