In the world of project management methodologies, the two words you hear most often is Agile and Waterfall. Although some purists may question Agile as a methodology rather than more of a paradigm the reality is that these are two different ways of approaching project execution.
Traditional (Waterfall) Methodology
Projects that use the Waterfall, or more appropriately called Traditional, model follow a linear approach where a project deemed Feasible moves through progressive steps of Planning and Requirements, Design/Architecture, Building (Coding), Testing, Deployment to production and Maintenance/Support of the final product. This model is illustrated below.