Explanation
A hybrid project management approach is a combination of two or more project management methodologies, such as waterfall and agile, that best suit the project's needs. A hybrid approach allows the project manager to plan some phases in detail, while leaving other phases more flexible and adaptable to changes. A hybrid approach can also balance the sponsor's expectations of following the project objectives, while incorporating new information and feedback as the project progresses. According to the PMBOK Guide, a hybrid approach can be used when the project has both predictive and adaptive elements, or when the project environment is complex and uncertain. References:
PMBOK Guide, 7th edition, page 271
What Is Hybrid Project Management?2
Ultimate Guide To Hybrid Project Methodologies & How To Make Them3