Agile methodology is an innovative and adaptive approach to developing projects. It emphasizes collaboration, customer involvement, and open communication. Benefits of agile methodology include increased speed to market, improved project visibility and management, better customer satisfaction, and reduced development costs. It also allows teams to better manage scope creep, adjust to changing requirements and prioritize tasks.
Drawbacks of agile methodology include a longer learning curve for team members, difficulty measuring success, a reliance on self-organization and motivation within the team, higher risk levels due to significant changes throughout the process, and a lack of structured documentation.