An increasing number of information systems projects in industry are managed using hybrid project management methodologies, but this shift in project management methods is not fully represented in our CIS curriculums. CIS capstone courses often include an applied project that is managed with traditional project management methods (plan first, execute second). While agile methods (adapt to change through iterations) are making inroads, little research has been conducted on using a hybrid of these two project management methods in a capstone course. In this paper, we explain the hybrid project management methods we used in four sections of an undergraduate CIS Capstone course during the Fall and Spring of the 2011-2012 academic year. We also present the results of an end-of-term student satisfaction and critical success factor survey. We find that overall satisfaction with the hybrid approach is high among our sample. We also find that more client involvement and a pragmatic approach to initial project planning are areas for future improvement. The results of our experience and survey provide lessons learned and best practices for those who wish to provide students with applied experience that combines waterfall (traditional) and Scrum (agile) project management techniques in their own courses. (Contains 4 tables, 1 figure and 2 endnotes.)