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Project Management Methodology

Project Management Methodology

Introduction to Project Management Methodology

“Plan your work and work your plan” is fundamental for successfully implementing and completing a project. As organizations grow, their ability to consistently manage and deliver projects starts to play a gigantic role. However, the motivation behind the process of managing a project seems enigmatic if no strategic methodologies have been developed to organize complex plans. A project management methodology is a protocol, a set of techniques, guidelines, and rules for implementing projects in a definite timeline achieving the organization’s aim. There are different methodologies and project management strategies available to aid the successful execution of the project with maximum accuracy and least risks.

project management cycle

Project Management Cycle

Choosing the right project management methodology for the job is essential for the success of the project. Thus choosing the right and efficient project management strategy is the first step to success.

Here are some of the key considerations while evaluating the best methodology for any project:

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  • Core values of business and business objectives
  • Key business requirements
  • Limitations
  • Investors/clients
  • Jeopardies
  • Intricacies
  • Project size and cost

Project managers play a key role in this as they draft an outline of an effective and efficient project delivery strategy while reducing the risks involved, thus assuring the maximum benefit to the organization. Once the different aspects of the project are evaluated, a draft or an outline of the project is developed. Once the final blueprint of the project id drafted, the project manager plays a key role in identifying the best approach for achieving success while minimizing the chances of any error or fault and completing the project before the committed deadline.

Different Project Management Methodology

Different List of Project Management Methodology

Let’s take a detailed look at different methodologies:

Sr. No

 Project Strategy Terminology

Apt for Projects
1 PMI/PMBOK This methodology is the foundation of project management as they draft the outline of the project certification program. The fragment the whole project into five small processes as guided by the Project Management Institute. PMI/PMBOK is apt for all projects, big and small, undergoing various stages outlined in the book and helps to keep everyone on the same page. PMBOK is a great traditional strategy to run a project.
2 Waterfall It is the most adaptable and accomplished methodology. In this process, the phases of the project flow from one to another. The second phase is started only when the first phase is accomplished. Waterfall methodology is suitable for highly expensive projects which cannot be altered once implemented.
3 Critical Path Method (CPM) CPM is a model of the project listing down all the activities of the project in a sequence of guided steps, the time duration required to complete the tasks, interrelated dependencies, and creating a benchmark to indicate larger phases of the project, thus determining the correct and most efficient path to achieve the task. CPM is applicable mainly to smaller or mid-sized projects as it becomes difficult to enlist and track the task activities of the larger projects.
4 Critical Chain Project Management (CCPM)  CCPM focuses on the resources being used in the project, like the members working on the project as a team, software, and devices, etc., task order or schedule, balancing resources and keeping them flexible are of the first priority rather than the technical method. CCPM is suitable for projects that include large and small industries like construction, software development, and research and development.
5 Agile  Agile is the most evolving and collaborative way to self-organize across teams. Agile is focused on breaking a hefty chunk of a project into short sprints and continuous iteration to achieve success. Agile is most widely used in IT software development. This project management technique embraces changes and improvements at a later part also. Thus it is a flexible technique of project management.
6 Scrum Scrum is a short “sprint” access to accomplish the project. It is applied to projects involving a team of approximately 10 team members and is allied to short cycles with daily meetings, which are led by a Scrum master operating within Agile. Scrum has been used commonly applied in software development. It can, however, it applied to projects or businesses which are not rigid and open to accept real-time changes.
7 Kanban Kanban is a visual approach to project management that involves streamlining the project tasks by spacing them on a Kanban board, thus making the project’s progress clear to all the team members involved for a smooth flow. Thus it helps to improve the inefficiencies and to schedule lean manufacturing in an Agile project. Initially, Kanban was developed for manufacturing and software teams; the application of Kanban was then expanded to other business processes like marketing and sales.
8 Extreme Programming (XP) This methodology is a prototype of the Agile methodology, which concords short development cycles and frequent testing to improve potential and efficiency. XP is most suited to projects where a rapid change of requirements is involved frequently. It is apt when the customer doesn’t have a clear idea of what they want.
9 Adaptive Project Framework (APF)

 

  APF is an enhanced and polished version of Agile strategy as it flourishes and improves by the iterative tasks involved. Hence it is safe to say that it takes an Agile, refines it, and makes it more pragmatic. Similar to Agile, APF is again best suited for flexible IT projects, including software development.
10 Event Chain Methodology (ECM) ECM primarily thrives on CPM and CCPM strategies that emphasize the management of events that may greatly impact. Thus ECM provides more accurate estimating and scheduling plans for achieving the project. ECM can be applied to almost any kind of project.
11 Lean Lean is today’s widely used methodology that promotes customer satisfaction by continuous improvement and respect for people. In addition, it is highly effective in eliminating and reducing waste or the unwanted from the organization. Lean was initially known as business methodology and is best suited for the manufacturing industries.
12 Six Sigma Six Sigma works to improve quality by identifying the unwanted processes in the project. Six sigma basically comprises DMAIC and DMADV. DMAIC is a data-driven methodology for improving the existing products/business processes, whereas the DMADV focuses on improving customer relations and customer satisfaction. Six Sigma methodology is applied to a number of industries like manufacturing, construction, transportation, BPO, and IT service management industries.
13 PRINCE2 PRINCE2 is the acronym for Projects IN Controlled Environments and is a structured certified methodology. It is a written description of structured project management giving an organized start, control, and end to the project where the project manager plays a key role. PRINCE2 can be applied to almost any project like construction, IT business, engineering, financial, etc.

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This has been a guide to Project Management Methodology. Here we discussed the basic concepts and different types of project management methodology with detailed explanation. You can also go through our other suggested articles to learn more –

  1. Introduction to Project Management
  2. What is Agile Project Management
  3. Google Project Management Tools
  4. Quality Improvement Tools
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