Understanding Agile Project Management from Lean Six Sigma Perspective

This is Part 1 of 3. I will soon publish part 2. In first part, we will actually understand what is agile project management, second, we will go with 5 steps of agile and next part we will decode this by using lean six sigma. Here you go:
Agile project management is very popular at all industry level. Around $80 -145 billion per year is spent on failed and cancelled projects (The Standish Group International, Inc.). 25% – 40% of all spending on projects is wasted as a result of re-work (Carnegie Mellon). 50% are rolled back out of production (Gartner).
40% of problems are found by end users (Gartner) poorly defined applications have led to a persistent miscommunication between business and IT. This contributes to a 66% project failure rate for these applications, costing U.S. businesses at least $30 billion every year (Forrester Research) (Reference 2) When we talk about billions of dollar  as failure cost, industry answer to those are driven by Agile Management Philosophy.
We will first start with overview of Agile Project Management. Basically, Agile Project Management is the process and with this process, we can manage and implement project in small pieces. In Software development lifecycle, a product consist of lot of feature. Feature? What is Feature? Let me explain you.
I will start with a very basic example, Mobile Phone. In order, to design a mobile phone, we need Hardware and Software. Here, i will focus on software. For phone, what is software? It’s a combination of Messaging, Call, Internet, App, Wifi and so many. If we want to build a mobile software, then we need to develop every piece of software like messaging. For our example, developing a message software will be known as feature.
Combining few feature say messaging, call, and internet will be name as Sprint or say bunch of feature combine together to make more sense. So, in short, we name particular software work as feature and combination of feature as Sprint. We can have multiple sprint for final delivery as a product.
Every Sprint follow agile management methodology which are 5 step plan. A feature is similar to a requirement but instead focuses on a specific business need.
We will explain 5 step in Part 2