What are different approaches used for project management?

Predictive/Waterfall:  As the name suggests, the scope, cost, time and plan are as early as possible. The focus is on following the plan efficiently.

Iterative: The focus is on creating error free or perfect outcome after multiple iterations. Scope is clear but time and cost vary depending on iterations till sufficient confidence is gained in the output/result.

Incremental: The focus is on delivering shorter parts of the whole outcome. The deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.

Adaptive – Also known as agile or change-driven life cycles. Utilized to respond to high levels of change and increased stakeholder involvement.

Hybrid – Combination of a predictive and an adaptive life cycle. Known elements follow a predictive life cycle whereas evolving elements follow an adaptive life cycle.