One of the older development methods out there, the waterfall method specifies a single major iteration, starting with requirements analysis, then going through design, implementation, testing, release, and maintenance. Its has a few advantages, such as clear start and end points to each part, and improved quality because the specifications must be finished up front, helping prevent feature creep. There are, however, several major criticisms to this method. First, the requirements may not all be known at the start, but rather will emerge as the project progresses. Also, because there's no return to previous steps, what you have when you finish one is what you have. In some cases, you'll hit the implementation process and find out that there are roadblocks.
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