The development of modern day computer was the result of advances in technologies and man’s need to quantify. One cannot imagine life without computers in today’s world. You go to a railway station for reservation, you want to web site a ticket for a cinema, you go to a library, or you go to a bank, you will find computers at all places. Since computers are used in every possible field today, it becomes an important issue to understand and build these computerized systems in an effective way. Building such systems is not an easy process but requires certain skills and capabilities to understand and follow a systematic procedure towards making of any information system. For this, experts in the field have devised various methodologies. Waterfall model is one of the oldest methodologies. Later Prototype Model, Object Oriented Model, Dynamic System Development Model, and many other models became very popular for system development. For anyone who is a part of this vast and growing Information Technology industry, having basic understanding of the development process is essential. For the students aspiring to become professionals in the field a thorough knowledge of these basic system development methodologies is very important. In this paper author tried to focus on basic methodologies and concepts involved in software system development and their significance and tried to make comparisons between different techniques.

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