In a highly regulated market, where compliance and predictability are paramount, a hybrid approach offers the flexibility of agile methodologies while still adhering to the necessary regulatory standards. This approach allows the company to become more responsive to market changes and customer needs without completely abandoning the structured processes that are crucial in a regulated environment. By integrating the planning and documentation strengths of a predictive approach with the adaptability and speed of agile practices, a hybrid model can help shorten the product life cycle and improve profitability.
References: = The benefits of a hybrid approach in a regulated industry are supported by research which indicates that such methods can deliver similar results to traditional or agile approaches on schedule, budget, and scope delivery, and often outperform traditional approaches on client satisfaction1. Additionally, transitioning to a hybrid model can be less challenging than a direct shift to a fully agile model, making it a strategic choice for companies looking to evolve their project management practices23.