Approach
Advantages
Disadvantages
Traditional
Accepted within many organizations.
With significant up front work, it's possible to develop
accurate estimates and schedules.
In practice, this approach results in significant wastage.
Projects are often over budget and/or schedule anyway.
Agile
Stakeholders in complete control over how much money is spent,
for how long, and on what.
Currently not well accepted by senior management because it is
different from their existing (and typically wrong) expectations.
Requires a trustful relationship between IT and
their business stakeholders.
Requires the development team to work in a
disciplined manner.
Requires business stakeholders to be actively
involved with the team and accountable for their decisions.
Combination
Possible to create a reasonable estimate and schedule without
much effort
Stakeholders in complete control over how much money is spent,
for how long, and on what.
Initial budget and schedule may not be perceived as sufficiently
detailed.
Requires business stakeholders to understand the
realities of IT estimating.
Requires a trustful relationship between IT and
their business stakeholders.
Requires the development team to work in a
disciplined manner.
Requires business stakeholders to be actively
involved with the team and accountable for their decisions.
