The PMBOK® Guide (6th Edition), Section 1.2.4.1, and the Agile Practice Guide define these life cycles based on how they handle change and the frequency of delivery:
Predictive (Waterfall): This is the traditional approach where the project is planned in detail from the start. It is best used when the product to be delivered is well understood and there is a stable environment. The focus is on following the plan and managing deviations.
Iterative: This approach develops the product through a series of repeated cycles (iterations). It is best used when the scope is known but the best way to implement it needs to be discovered through feedback. It focuses on getting the " correctness " of the solution right.
Incremental: This approach provides a finished deliverable that the customer can use immediately after each increment. Each increment adds a functional layer to the previous one. The focus is on the " speed of delivery " of functional parts.
Agile/Adaptive: These life cycles are both iterative and incremental. They are designed to handle high levels of change and require ongoing stakeholder involvement. The scope is decomposed into a backlog of requirements that are prioritized and delivered in short, fixed-length bursts (sprints/iterations).
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