Like all organizational models, waterfall is mainly a theory of collaboration. By putting the most serious planning at the beginning, with subsequent work derived from the plan, the waterfall method amounts to a pledge by all parties not to learn anything while doing the actual work.Thoughts on failures of management, how failure needs to be an option for new entities, how the preferred method for project planning in Washington increases the liklihood of disaster, and more.
Via Arnold Kling's blog, which had this relevant observation:
When a large organization, such as government or a legacy media organization, undertakes a new initiative, they are in effect starting a new business. Most start-ups fail, so that failure is in fact the most likely outcome.