We are cognizant that the strength of the ‘waterfall model’, the traditional Project Management approach is based on Scope, Schedule and Cost baselines defined to a good extent. Milestones, phase exit criteria, go-no-go decision and associated deliverables are defined which increases the probability of meeting stakeholder needs. At the same time, there are some drawbacks like ‘limited interaction with end-users (initial stage & deliverable stage), difficult to manage changing requirements of end-users and phase-based dependency on skilled resources’, etc. Projects having “unclear, inexplicit scope, constraints over resource availability and aggressive schedules, etc.” were on the rise which resulted in elevating the risks about product or services putting in practice. In…