The document discusses the waterfall and agile approaches to software development. The waterfall approach is sequential with distinct phases of planning, analysis, design, implementation, and support. It focuses on documentation and following a strict plan. However, it does not allow for feedback or changes once a phase is complete. The agile approach uses iterative cycles to develop software in smaller portions with customer feedback at each stage, allowing for changes and continual learning throughout the process. While less documentation-focused, agile enables quicker response to changes.