It should be stated that iterative development does come with a cost in that it takes longer to execute than the ideal case sequential development. You trade risk reduction for more work.
This is the conventional wisdom, but in my n=1 experience, I have never seen the “ideal case sequential development” actually work in the wild. The ideal case presumes that everything is known when the sequential development is planned, which is what permits it to be optimized. But in my n=1 experience, everything is not known, the development team is constantly discovering new information, requirements change, and t…
For a lot of things it doesn't matter, but for some it can be very difficult to change later on, especially if you need to maintain backwards compatibility.