In recent years, Agile methodology has become popular with many software development teams owing to the increased efficiency it brings about. Quite a few companies were unable to design and create desired products within optimum time and cost due to their use of traditional project management methodology. By going agile they were able to completely transform their processes and change the way teams view project management.
Both Traditional and Agile Project Management have their merits and demerits. It depends on the nature of the product and the circumstances around it which determine the type of method to be used. Read more.