Agile project and product management approaches are becoming the norm rather than an exception. Traditional waterfall approaches, originating from pre-information economy, also still have valuable attributes that should not be overlooked. Combining different approaches to suit specific needs rather than fixatedly applying a single approach will yield the best long-term results.
Traditional and agile practices both have their strengths and instead of choosing between them I believe it is better to use the strengths of both and make them work and flourish together, creating an even stronger continually developing project culture. For traditional waterfall and newer agile practices to coexist and evolve together, companies should: