
Waterfall project management requires capturing a detailed list of requirements – it is a requirements driven design and testing process. For new products, services or systems requirements capturing can be done during a feasibility study. Waterfall project management has distinct phases that follow each other sequentially:

Formalised life cycle development processes often follow a waterfall methodology.
As an example, IEC 62304 ‘Medical device software – Software life cycle processes’ follows these phases:
The Waterfall method requires clear requirements at the beginning of a project, but these might not be available, delaying the start of a project and a possible early release of a reduced featured product or service - a minimum viable product (MVP) that can be used for early testing and verification including user testing.
Of course, a reduced feature set product or MVP project can be developed using the Waterfall method. In fact, waterfall methodology works particularly well for smaller well-defined projects. However, for more complex projects an Agile methodology might be preferable.
