Summarize the Different Software Development Methodologies

question 43

Essay

Summarize the different software development methodologies.

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Definitions:

Laissez-Faire

An economic theory from the 18th century that is strongly against the government interfering in the marketplace.

Invisible-Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interest inadvertently benefits society at large.

Command Economy

An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services.

Centralized Authority

A system of organization where decision-making and power are concentrated at a single point or in a single group within the organization.