The Agile Development process is very common in software development and is becoming increasingly common in other industries as well. Agile development emphasizes
The Agile process is highly flexible, rapid and delivers more predictable results than monolithic project approaches such as Waterfall. In addition, because requirements and assumptions can change during projects, Agile has the flexibility to adjust to change more easily. Wikipedia's overview on Agile.
The goal is to build an MVP (Minimum Viable Product) with each Sprint that fulfills the following: