Whenever I think of comparing two products or processes or in this case, development methodologies, in Product Management, I think of from three critical perspectives - Business, Customer, and Technology.
Business
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Advantages
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- The first version of the product is shipped earlier and hence can start delivering value earlier
- Project’s schedule can be tracked in an easier way
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Disadvantages
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- The first completion of project takes more time
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Customer
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Advantages
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- Customer gets exactly what it wants, even if weren’t able to specify exact requirements at the beginning
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Disadvantages
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- Customer gets consulted after each sprint leading to larger amounts of time spent on meetings
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Technology
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Advantages
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- Integration and compatibility checks between tech stacks (database, backend, frontend) happen in each iteration rather than in the end as in traditional. As a result, incompatibilities can be addressed to earlier.
- Team can improve coordination with each iteration
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Disadvantages
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- High pressure environment for the engineers who have to cope up with regular changes in the features
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