Waugh was a key allrounder in the World Cup winning Australian side in 1987, while he was captain of the team in 1999 when it won the title for the second time.
"The teams need to play as much quality one-day cricket as they can in the six month period leading up to the event. The key to the tournament will be gathering momentum at the right time," he said.
Australia entered the 1992 World Cup as the defending champions but according to Waugh they failed to peak at the right time and ended up finishing fifth on the points table with four wins and as many defeats.
"It was fantastic for the country to host the World Cup, and was great to be a part of it, but ultimately extremely disappointing from the team's point of view.
The 2015 World Cup will be jointly hosted by Australia and New Zealand from February 14 to March 29.
Sri Lanka's Sanath Jayasuriya, meanwhile, advised the youngsters appearing in the World Cup for the first time, not to get overawed by the situation.
"A comprehensive batting, bowling and fielding effort by any team (is essential), but most importantly the team that peaks at the right time will win the World Cup 2015.
