Background: Agile is not a methodology neither can it be considered as a peculiar way of developing any software also it is neither a framework nor a process. Agile is a mindset or a collection of beliefs that can be used by the teams for taking the decisions while working on any software development. Agile mindset adopted for the development of software has gained attention of the researchers and industries across the world because otherwise the software project would turn out to be uncertain and very turbid. The universal remedy for the usual failure of the software project development is the agility. Actually saying agile is nothing novice instead it is a meta model based on best practices from the preceding models like waterfall, iterative, incremental and rapid application development method.
Objective: The objective of this paper is to highlight various points of comparison between them and conclude that failing fast is failing cheap in case of agile for software development.
Methods: So, we can say that an agile always existed but not in a structured and a formal manner. The two main methodologies of agile as an umbrella term are XP and scrum.
Results: Thus in this paper we have discussed about scrum as a major methodology and also how various scrum roles contribute towards making teams self-organized to reduce the usual rate of failure of development projects.
Conclusion: The success rate of the software applications developed through the agile concept is three times than that of the traditional waterfall method and also the percentage of cost and time overruns is much lower.
Keywords: Agile approach, software development, extreme programming, scrum, scrum master, proxy product owner.