First of all, there are 2 popular project types we can think about, linear and iterative.
On linear projects, the previous task or stage has to be completed before starting to next task. The most common example is building a house. we need the foundation to put the walls or we need the walls to paint them.
On iterative ones, the project can go asynchronously, the previous task doesn’t need to be completed all the time before starting to next task. For example, you can film different pieces of the movie a different times asynchronously and you can put the pieces together in the end. Or, if you developing software, you can start building the backend or server side of the project without waiting for the frontend part of it. Also on an iterative approach, things can change as you go depending on the requirements or the current conditions.
Waterfall(Traditional) has a linear approach, it is like a real-life waterfall, and the flow starts from the top and goes to the bottom. It’s mostly used in the physical engineering disciplines like construction and manufacturing. It’s also common to use it in tight and rigid budget projects, everything should be clear to start and there’s no place for changes on the go.
On the other hand, there is an Agile method for flexibility. It’s popular for software projects. If there’s uncertainty, the project outcome is not clear or if the project started with an idea and will take shape on the go, Agile is gonna be a much better method to use. It has more flexibility, easy to adapt to changes and it’s an async method that helps the team to work on different tasks on the project without waiting for any tasks to be done to proceed to the next step. Like building an app, we can implement some features and release them first and with the CI/CD approach, we can continue working on the project and create value for the client/user.

Project initiation is the most important part and the first step to a successful project. It is separated into 6 main components to be set up easily by the project manager. These are;
To achieve success with the project, the goals should be defined clearly during the initiation process. Having unclear goals can lead the project to fail. There is a popular approach that we can use when we are determining the project goals.
Goals are important to the success of the project and setting SMART goals makes the project goals meaningful and clear for everyone involved and helps us to eliminate the blockers and reach success.
What does SMART Goal mean?