Explain the Waterfall methodology and when it should be used.

The Waterfall methodology is a sequential and linear approach where the project progresses through clearly defined phases:

1. Requirements

2. System design

3. Implementation

4. Integration and testing

5. Maintenance

Each phase must be completed and approved before moving to the next.

When to use Waterfall:

• Requirements are well-defined and stable

• Project scope is unlikely to change

• The project is relatively simple

• The solution is delivered all at once

In Finance and Operations, Waterfall works well for straightforward implementations with minimal customization.