Gist: Based on the waterfall approach and having a significant focus on customer feedback. There are some initial requirements, developers provide samples, and only after customers evaluate the functionality of samples, the final development begins. The gist of this method lies in the name itself prototype methodology. In other words, before getting down to business, there will be painstaking research and prototyping to avoid unnecessary risks.
Benefits: Increased chances of top quality functionality and low risks of failure.
Drawbacks: Possible budget increase, as the management cost may go beyond the money limit. Too much of client involvement can affect the process by slowing it down.
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