A project team is building a product over multiple iterations and delivering incremental value. When should that value be demonstrated?

In an agile or iterative project, value is demonstrated at the end of each iteration (or sprint) to allow for frequent feedback and adaptation. This approach ensures that stakeholders can review the progress, validate the delivered increment, and provide input early and often. Demonstrating value after full development is completed would negate the benefits of iterative development, as feedback would come too late to be easily incorporated. Waiting for sponsor approval before demonstrating an increment or only demonstrating when a major feature is completed would also delay feedback and reduce the agility of the project. The core principle of iterative development is continuous delivery of value and continuous feedback.