There are myriad project management methodologies to choose from like Waterfall, PRINCE2, Scrum DSDM Atern, Extreme Programming, etc. Nevertheless, these frameworks can be broadly divided into traditional and Agile project management. Neither of these technologies is a panacea nor a silver bullet. Both the methodologies have pros and cons. But if we have to choose the first among the equals pertaining to IT project management - it's Agile. The reasons are simple, in the majority of the IT projects, the requirements(Scope) will not be clear in the first place. Even if the customer's scope is well defined, the requirements evolve and tend to change during the course of the project. This is evident to every IT Software Developer and every project Manager. This is the primary reason why the majority of the IT project in today's scenario is more dealt in an Agile way and agile is becoming more prominent in the IT space. 

Following are the factors that should be considered to choose the right methodology

1.Waterfall(Traditional project Management)                                                                          1.Agile Methodology
2.When the requirements and space are very clear at the start of the project                           2. When the requirements and scope is uncertain and tends to change
3.Simple and well-defined projects                                                                                          3.Complex, large and undefined projects
4.Projects with minimal or no customer involvement                                                             4. Projects where customer involvement
5.When the scope if fixed                                                                                                         5. Projects with evolving scope