Management likes it because it is more along the lines of traditional planning. Reuse is easier to achieve because common features may be developed early in the project. The main disadvantage of this approach is that it is much more difficult to guarantee that you will deliver value to your users in the order that they need it. Users can easily comprehend your plan because it is organized based on things that they can see. Developers like it because it doesn't require significant knowledge of how the system is used.
Management likes it because it is more along the lines of traditional planning.
This approach, too, has several disadvantages Many UI elements require interaction with several business classes, which in turn interact with various aspects of your database, requiring all aspects of your system to evolve simultaneously. Reuse is difficult because commonality between UI elements may not be recognized until late in the project. By delivering your system in iterations, instead of all at once, you quickly demonstrate the effectiveness of your solution, minimizing the risk of your project being cancelled due to lack of confidence. You also reduce the risk of building the wrong system because you can obtain feedback from your users to validate that what you are building is correct. The Object Primer 2nd Edition by Scott W. Ambler.