A project manager is initiating a new IT project with a strictly fixed budget and well-defined requirements that are not expected to change. Which project management methodology is BEST suited for this project?
Kanban
Waterfall
Extreme Programming
Scrum
The Waterfall methodology is best suited for projects with a fixed budget and stable, well-defined requirements. Waterfall follows a linear and sequential approach, allowing detailed budgeting and planning upfront, which helps in controlling costs. Agile methodologies like Scrum, Kanban, and Extreme Programming emphasize flexibility and adaptability, which can lead to budget variations if requirements change during the project.
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