The following information comparison is from the article Agile Vs. Waterfall: Which Project Management Methodology Is Best For You published on the Forbes Advisor site. It's a concise overview and comparison of Agile and Traditional methods. 

​The main difference is that Traditional/Waterfall is a linear system of working that requires the team to complete each project phase before moving on to the next one while Agile encourages the team to work simultaneously on different phases of the project.

Source: forbes.com

​TRADITIONAL / WATERFALL METHODOLOGY

The following information comparison is from the article Agile Vs. Waterfall: Which Project Management Methodology Is Best For You published on the Forbes Advisor site. It's a concise overview and comparison of Agile and Traditional methods. 

​The main difference is that Traditional/Waterfall is a linear system of working that requires the team to complete each project phase before moving on to the next one while Agile encourages the team to work simultaneously on different phases of the project.

PROS	CONS
Provides a concrete plan of the project from start to finish ​Short-term deadlines encourage productivity and efficiency.	Because each project phase needs to be completed before progressing to the next stage, the process can take longer
​The team establishes project requirements early on, which can save time.	You might not realize an issue with a phase until you have already progressed to the next one. This would mean going back through each phase and checking where the mistake or error occurred, which can be a timely process.
Each phase of the project requires a deliverable to progress to the next phase, making the workflow more structured.	​The Waterfall methodology requires that you outline the project from start to finish before you begin. This doesn't allow for a lot of flexibility or change. Additionally, it can become problematic if the stakeholders disagree on the project’s vision and don’t find out until it is executed or in a later phase.

Source: forbes.com

AGILE METHODOLOGY

Agile methodology was developed as a response to Waterfall’s more rigid structure. As a result, it’s a much more fluid form of project management. A software development project can take years to complete, and technology can change significantly during that time. Agile was developed as a flexible method that welcomes incorporating changes of direction even late in the process, as well as accounting for stakeholders’ feedback throughout the process

​In Agile, the team will work on phases of the project concurrently, often with short-term deadlines. Additionally, the team, rather than a project manager, drives the project’s direction. This can empower the team to be motivated and more productive, but also requires a more self-directed team.

PROS	CONS
Short-term deadlines encourage productivity and efficiency.	​Because team members are working on multiple phases at a time, there is potential for overlap or unnecessary effort spent on later stages if an early phase needs to be modified.
There is a lot of flexibility to change project direction and experiment with new directions.​	Deliverables are not a requirement to progress to the following phase. It can be harder to ensure the entire team is on the same page—especially if it’s a large team with different departments. It also means that work can get lost or miscommunicated between team members, especially when people leave and join the team in the middle of the projects.
The methodology is client-facing, which means that the team shares progress and incorporates feedback into the process.	​The project timeline is more difficult to determine from the start, and it is also more susceptible to change.

Source: forbes.com

AGILE AND TRADITIONAL COMPARISON CHART

Waterfall is a linear project progression, so it’s best suited for projects with a defined end goal. If a project owner has a clear and specific vision of an app, for example, and is confident it will not change throughout the project development, Waterfall methodologies could be a good system to follow.

​Meanwhile, Agile leaves a lot of room to adapt and change course as the project develops. It’s better suited for projects where the outcome may be dependent on more research or testing.

Attribute	Waterfall	Agile
Timeline	Waterfall has a fixed timeline. The idea is that the start and finish of the project are already mapped out from the beginning. ​	​Agile is a lot more flexible and accounts for experimenting with different directions. Rather than a fixed timeline, the schedule adapts as the project progresses. The Agile Manifesto says team members are expected to, “​​Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale.”
Client Involvement	Once the end goal is established, Waterfall does not involve the client or project owner during the process, apart from specific check-ins or for deliverables. The course of the project is outlined from the start, so incorporating client feedback is not an ongoing part of the process. ​	​A fundamental part of Agile is including clients in the project development at every step. The Agile Manifesto states, “Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.” Therefore, business owners are expected to be involved and give feedback to the software development team as they progress through the different phases of the project.
Flexibility	Waterfall is not as flexible as Agile because each phase needs to be fully completed before moving on to the next phase. The project is also planned out ahead of time, making this management system ideal for teams with a clear vision of where they are headed from start to finish. ​	Flexibility is built into the Agile method. Agile values short bursts of work, which are called sprints. The method welcomes adapting to different directions, incorporating new information even at a later stage of the project.
Budget	Fixed. The budget for projects using the Waterfall methodology is generally fixed. Because the project is determined from start to finish, there is less room to change the budget mid-project.	​Flexible. Agile is open to adaptation, encourages experimentation and welcomes changes of direction, even in later phases of the project. Because of this, the budget tends to be more flexible.

The budget for projects using Waterfall methodologies tends to be less flexible because the project is mapped out from the beginning. With Agile, there is more room to change direction as the project develops, so the budget is also subject to change. Similarly, the timeline with Waterfall is set from the start, while it’s more flexible with Agile and dependent on how the project develops.

Source: forbes.com