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Abstract
The emergence of Industry 4.0 and 5.0 has significantly transformed project management and product development. This can be attributed to the increasing integration of robots and automation technologies into production lines, facilitating improved productivity and efficiency. Consequently, several research studies have investigated whether conventional management techniques are still applicable or whether new approaches are needed to enable organizations to respond quickly to changing customer demands and maintain a competitive edge over their rivals. This study employs a comprehensive methodology, including a literature review and expert consultations. A survey involving 30 engineers from the power tools industry was conducted to compare the Waterfall and Agile project management methodologies. The aim is to identify the most suitable approach for this industry amidst the transformative impact of the last two industrial revolutions.
Keywords: agile, waterfall, project management, product development
Introduction
The Fourth Industrial Revolution is characterized by the integration of "cyber-physical systems" and the "Internet of Things (IoT)" into manufacturing processes (Wang et al., 2020). This integration allows for the automation of many aspects of production, including machinery, data analysis, and decision-making processes (Majernik et al., 2022). Industry 5.0, on the other hand, represents a further evolution of Industry 4.0, where the focus is not solely on automation but rather on creating a harmonious working relationship between humans and machines (Demir et al., 2019). With the increasing automation and integration of robots in production lines, there has been a significant impact on product development and project management. Companies are now under pressure to respond quickly to customers' changing needs to maintain a competitive advantage over their rivals. The traditional project management methods, which are often based on a waterfall approach, may not be sufficient to respond quickly to dynamic market conditions (Adenowo and Adenowo, 2020). The researchers and practitioners have been exploring agile project management methodologies to address the challenges posed by Industry 4.0 and 5.0 (Chukwulozie et al., 2021). Thus, the first part of this research explores the Waterfall and Agile methodologies, focusing on the main advantages and disadvantages of each method, while the last part of the research contains a survey regarding which is the best methodology for the development of products in the industry.
Methodology
This section outlines the research method used in...