The document compares the Waterfall and Agile methodologies for implementing reports. Waterfall follows a linear sequential approach making it easier to plan but requires extensive user acceptance testing. Agile implements reports in short sprints, prioritizing critical reports first, with daily stand-ups to discuss progress. While Agile requires constant user involvement, it allows for changes in requirements and catching issues earlier. Overall, Agile is better suited when requirements are evolving while Waterfall works for stable requirements.