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Decide if Agile Methodology is Suitable

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How would you decide if Agile methodology is suited for a project?

This question is about getting insights into how much you really understand Agile methodology, and how you apply your understanding of Agile methods.

Scrum and Kanban are popularly referred to as Agile methodology.

How would you solve the inefficiencies in your current methodology (if you're not already following Agile practices)? Does your solution to those start to feel like the Agile model?