ABC Technologies is an IT company founded in 1996 that employs over 7,000 people. It uses an incremental model of software development where requirements are broken into smaller modules that are developed and tested in cycles. This allows for flexibility and client feedback at each step but has higher total costs than the waterfall model. The spiral model combines iterative development with aspects of the waterfall model, forming a more systematic approach where conceptual designs, risk analysis and client feedback occur in cycles. It is well-suited for large complex projects. Agile development involves self-organizing cross-functional teams collaborating to evolve requirements and solutions.