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In this model feedback paths for error correction as & when detected later in a phase. Though errors are inevitable, but it is desirable to detect them in the same phase in which they occur. If so, this can reduce the effort to correct the bug.
The advantage of this model is that there is a working model of the system at a very early stage of development which makes it easier to find functional or design flaws. Finding issues at an early stage of development enables to take corrective measures in a limited budget.
The disadvantage with this SDLC model is that it is applicable only to large and bulky software development projects. This is because it is hard to break a small software system into further small serviceable increments/modules