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There are a number of models that can be applied to software development project management and each has its own advantages and disadvantages. In recent years, agile software development has emerged as one of the most popular methodologies used in software projects.
Technically, "agile" refers to a number of development methodologies, but there are certain features and principles that define the model. Basically, agile methods focus on developing software in short amounts of time, anywhere between one and four weeks. These are known as iterations with a full project consisting of several hundred iterations. However, the chief aim is that each iteration produces a functional, usable piece of software.
So, an iteration is actually as a mini-project that includes all the same planning, design, programming and testing as in a large project. Because of the short nature of these iterations, agile is seen as a lower risk software development model. If the iteration doesn't work, it can be modified without causing significant delays or cost overruns. It also cuts out much of the bureaucracy and restrictions of heavier-weight models.
Read the article here: Basic Features of the Agile Software Development Model
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