A large banking software company has decided to develop a new online banking system. The project is critical, and the company has gathered comprehensive and clear requirements from its stakeholders. The system must handle various banking transactions securely and efficiently, and the project has a fixed timeline and budget. The development team has a clear understanding of the scope and size of the project, as well as the necessary technical requirements. Based on the provided scenario, which SDLC model is most suitable for the development of the new online banking system?

Correct option is B

The Waterfall Model is most suitable for this scenario because the requirements are comprehensive, clear, and well-defined. The Waterfall Model works well for projects with a fixed timeline and budget where there is little room for changes or uncertainty in requirements. It follows a sequential process, ensuring each phase (requirements, design, development, testing, deployment) is completed before the next begins. This structured approach aligns with the described project characteristics.
Important Key Points:
1. Clear Requirements: The Waterfall Model is ideal for projects with well-defined and stable requirements that are unlikely to change.
2. Sequential Development: The linear, phase-wise process ensures that each step (e.g., requirements analysis, system design) is thoroughly completed before moving on.
3. Fixed Timeline and Budget: This model suits projects with strict timelines and budgets, as it avoids iterative cycles.
4. Suitability for Critical Projects: The structured nature of the Waterfall Model ensures thorough documentation and planning, which is essential for critical systems like online banking.
Knowledge Booster:
· Agile: Suitable for projects with evolving requirements and where flexibility is prioritized, but it is less suitable for fixed timelines and well-defined requirements.
· Spiral: Best for projects with high uncertainty and significant risk management needs, but not ideal for projects with well-defined requirements.
· V-Model: Enhances Waterfall by emphasizing validation and verification, but it’s more suited for projects requiring extensive testing during every phase.
· Prototyping: Used when requirements are unclear and need to be refined iteratively with stakeholder feedback, which is not the case here.