The document discusses and compares two software development life cycle (SDLC) models: the waterfall model and evolutionary model. The waterfall model involves 5 sequential phases: requirements analysis, design, implementation, testing, and maintenance. However, it is inflexible and does not allow for updates based on user feedback. The evolutionary model involves iterative development of prototypes based on basic requirements, with customer feedback and modifications to subsequent versions. This model is better suited for developing online systems and user interfaces as it allows for evolution through use.