The waterfall life cycle model of software development is best suited for projects where the requirements are well understood. This model follows a linear and sequential approach where each phase must be completed before the next one begins. It works well when the project requirements are clear, stable, and unlikely to change significantly because it allows for thorough documentation and systematic progress through predefined stages. This structure makes it less adaptable to changes, which is why it is not ideal for projects involving new technology, object-oriented design, or subject to time pressures where flexibility and iterative processes might be needed.