Project Management Methodologies

What is a Project Management Methodology?

A project management methodology is generally a combination of techniques, principles, and tools that are used in the planning, execution, and management phases of the project. These project management methodologies facilitate collaboration among the teams and help the project managers in leading the team members efficiently.

In simple terms, a project methodology is a framework that helps you complete your project smoothly and efficiently. Project management plays a crucial role in organizations, and also there is a need to choose the right project management methodology for project success and business improvements. There are many project management methodologies that can be implemented across multiple industries.

Why is Project Management Methodology Important?

The main goal of the project management methodology is to provide the ability to structure, organize and standardize the work methods. The project management methodology helps in focusing on all the different aspects in a similar way in all the projects and also helps to learn from the mistakes made, resulting in continuous improvements.
The project management methodology helps in the following:a. Managing and minimizing the project's risks
b. Improvement of the cost-benefit relationship of the different resources.
c. Helps in the team's skill development.
d. Helps in organizing the project times
e. Provides the set of tools for time and cost estimation

Types of Project Management Methodologies:

Let us discuss some of the project management methodologies that are used in the different sectors, like software and product development, research and development, etc.

1. Waterfall Methodology

The waterfall methodology is one of the straightforward methods. This is also linear with the other different methodologies along with the traditional approaches. In the waterfall methodology, the different phases in the project will flow in a downward process. In the waterfall model methodology, you will be able to move to the next phase only if the previous phase has been completed successfully.The waterfall methodology is found to be precise for construction and manufacturing-related projects. These are structured projects and are highly expensive too. Gantt charts are used in the waterfall methodology to perform the planning and scheduling activities in the project.

2. Agile Methodology

The agile methodology is a project management methodology which is a collaborative and evolving way of self-organizing among the teams. The work management and the project planning activities are found to be adapted when using the agile methodology. It is an open methodology that can be used even if there are changes in the project which might lead to process improvement.With the agile methodology, the project teams will be able to collaborate and work effectively in a dynamic way. The agile project management methodology is one of the most popular methodologies that have been bringing achievement to the business projects.

3. Scrum Methodology:

Scrum project management methodology uses sprints for managing the projects efficiently. This methodology is ideal for those teams which are less than 20, also includes short daily meetings which are known as the daily scrum meetings. The scrum methodology based meetings will be held by the scrum master. Scrum makes use of the agile methodology framework which will be the best fit for the large scale organizations.
Similar to Agile, scrum can be used for the development of the softwares. It is applicable to work with any kind of industry like event planning, retail, or any kind of project that needs flexibility as the primary focus.

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4. Kanban Methodology:

The Kanban project management methodology is one of the methodologies which provides a visual approach for an efficient management of the projects. In this methodology, the kanban boards are used for managing the workflows by representing different tasks. The kanban boards show the progress and workflow of the projects which will be visually clear to the team members.

Kanban methodologies help in eliminating the inefficiencies that might come up in the project and are considered as one of the best project management tools. The kanban methodology is also used for software development primarily and later has expanded its support for other kinds of industries like marketing, human resources, organizational strategy, people, ideas, tasks and many more.

5. Extreme Programming (XP) Methodology:

Extreme programming methodology is an agile software development methodology that works with shorter development cycles and may require multiple releases for the improvement in the productivity levels. The customer requirements will be sorted in this project management methodology.

The extreme programming methodology is ideal for those projects in which there will be a change in the requirements. This methodology can be used when the customer is not really aware of what they exactly need.

6. Adaptive Project Framework (APF) Methodology:

The adaptive project framework methodology is also called adaptive project management. This methodology is ideal to be used when there is an inevitability of change in the mind. In this framework, the team has to be involved to think over the risks that might occur. They should also be capable of handling anything that is unexpected within the project.

The adaptive project framework methodology can be used for those projects that have their set of goals which has a clear outline of the conditions and satisfaction levels.

7. Lean methodology:

The lean methodology is designed to deal with those projects that focus on eliminating unwanted waste from the processes and help in process improvements. With this, there will be an increase in the project value and also processing workflows.
In the current era, the software teams have been using lean methodologies and running processes that help in focusing on user feedback. This lean methodology is primarily used by the education industries and construction based industries. The lean methodology helps in driving the products based on the end user.

8. Critical Path Method:

The critical path method is a project management methodology that helps in building the model of the project. It maintains a list of all the activities that have to take place and also the structure, tasks to be performed along with their duration, any task dependencies, etc.

With all the above information, it helps in identifying the sequence of tasks that have to be performed to lead the project to its completion path. If a single task is delayed, then the entire project will be in a delayed state. The critical path methodology can be used for working with small or medium-sized organizations.

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9. Critical Chain Project Management:

The critical chain project management methodology is used for those projects in which the primary focus is on the resources which are needed for the project completion. The resources can be anything like the space in the office, teams, equipment, etc. this project management methodology would require less technicality as it focuses on resources rather than tasks or schedules for the project completion.
Critical chain project management can be used for those organizations which are small or large, like construction, R&D, software development, etc.

10. New Product Introduction (NPI):

The new product introduction methodology can be best used when there is a need to create a new product. In this methodology, there will be a new product introduction process that includes all the information that is required for the development of the product. This methodology includes multiple phases in it and follows only a single process throughout the project.
This methodology is the best when there is a need to focus on a single product or design a new product.

11. Outcome mapping:

The outcome mapping project management methodology is one of the project management methodologies that is preferred as a progress measure of a system.
This kind of project management methodology is ideal for charitable projects. It focuses less on the project and focuses more on the long-term aspects of the project. Hence, it focuses on the influence more.

12. Six Sigma:

Six Sigma is the project management methodology that helps in improving the quality aspects by determining the functionality which is not working as expected. It focuses on quality management. It is also an add-on to the lean technology which helps in eliminating the waste.
The six sigma technology is the best for large scale organizations. Smaller organizations also make huge benefits by utilizing this technology.

13. PRINCE2 Methodology:

PRINCE2 methodology is a certified and structured project management methodology that helps in working in agency level operations.

14. Rapid Application Development (RAD) Methodology:

The Rapid Application Development (RAD) Methodology is used in those projects which require faster software development and is basically an agile-based technology. It uses the iterations and releases and gives value to the user feedback.

This methodology is the best for those who would be able to provide a working model for the clients, stakeholders, and customers. It is possible to create multiple prototypes.

15. PMI/PMBOK:

PMBOK stands for Project management institute's project management book of knowledge. This methodology is a best practice guide that helps to analyze and ensure meeting the standards of the projects and compliance with the best practices.

How do you choose the right Project Management Methodology?

Choosing the right project management methodology is one of the crucial tasks that helps in deciding the right step for your project. Let us get to know some of the key criteria to be followed that help in deciding the right project management methodology.

a. Budget and cost: it is important to know the budget that you have to work on the project. Is it possible to make changes in the budget and costs if required, or is it needed to stay within the budget limit that has been set up.
b. Team size: Through this, you will be able to identify how many team members and stakeholders are involved in the project. You need to identify if the team is self-organizing or not and many more aspects related to the team members.
c. Ability to handle the risks: Is it a big project or a small project? Will there be a huge impact that requires careful management to deliver successful results?
d. Flexibility: Is there a possibility for the scope of the project to be modified during the process of project management. What decisions can be made about the finished product?
e. Timelines: how much time is required to ensure the project can be delivered at time. Is there any quick turnaround for the project?
f. Stakeholder/client collaboration: what is the percentage of involvement of the stakeholders in the process of project management? How much time do you want the stakeholders to be available in the project?

Conclusion:

Choosing the right project management methodology is one of the important aspects that requires focus for successful project delivery. As we see that there is a high increase in the number of projects for organizations, the demand for project management is high. Project management training and certification provide you with the required skills and turn the candidates into professionals with expertise. Start learning and enhance your career in the field of project management.

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