Project management as an emerging management sector in the corporate world There are several project management methodologies that the industry has followed since its inception. Please let project management methodologies provide a framework on which managers can build their projects. In this article, we will discuss the project management industry. If you are a project manager, you will already be aware of these methods. Expand your knowledge about the other popular project management methodologies in this article.
What is project management?
The use of procedures, techniques, abilities, knowledge, and experience to accomplish particular project goals following predetermined guidelines is known as project management. Final deliverables in project management are subject to a limited amount of time and money. Project management has an outcome and a limited time frame as opposed to management, which is a continuing process. This is a crucial aspect that sets it apart from simple "management." Unlike a manager, a project management professional needs a diverse set of abilities and skills including several technical ones. They must also possess solid people management and business acumen. Here are 12 most popular project management methodologies according to Asana. Meanwhile, check out SNATIKA's UK Masters degree program in Project Management if you are a senior professional.
Popular Project management Methodologies
1. The Agile project management methodology
One of the most widely used and popular project management methodologies is agile project management. However, in practice, Agile isn't really a technique. Instead, it is a project management philosophy or principle.
The principles of agile project management are as follows:
It is collaborative.
It must be fast and effective.
It must be iterative and data-backed.
It must value individuals over processes.
Agile project management is used with another project management methodology. Teams decide which specific approaches to utilise in conjunction with this methodology while implementing the manifesto. Scrum, Kanban, extreme programming, Crystal, and Scrumban are some other methodologies that are used along with agile. Thus, it makes for a well-rounded project management philosophy and a workable plan for producing excellent work (Source: Wikipedia).
Almost every team implements the Agile project management methodology. This is because the underlying idea or philosophy is quite ubiquitous. The true challenge is in choosing a methodology to go with it. Check out this blog to learn more on this methodology - Agile Project Management
2. Waterfall project management methodology
The waterfall model is another widely used framework in the project management industry. A waterfall methodology is a real approach and is more complicated than Agile (Source: Atlassian). The waterfall methodology, commonly referred to as the software development life cycle (SDLC), is a linear process in which work is arranged in sequential order and cascades down like a real waterfall. Each task at work is related by a dependency to accomplish this method. This means that each activity must be finished before moving on to the next. This not only keeps the work on schedule but also encourages open communication throughout the process.
Although this strategy is seen as a classic or outdated methodology by some modern businesses, it works well for developing a predictable and carefully thought-out project plan. The waterfall project management methodology is an excellent choice for working on large projects with a variety of stakeholders since it is so thorough. This is due to the project's defined processes and dependencies, which aid in tracking the effort required to accomplish objectives.
3. Scrum methodology
Although Scrum is a project management methodology in and of itself, it is most frequently used in conjunction with an Agile framework. Both scrum and agile project management methodologies share the same principles, like collaboration and individuals over processes. Here, short "sprints" are used to build project cycles. Typically, teams of no more than 10 people work together to organise these cycles, which last for one to two weeks at a time. This is distinct from the waterfall method, which breaks down individual activities into dependencies (Source: PMI).
The use of a Scrum master is one of many aspects of Scrum that make it special. Or, to put it another way, a project manager who oversees daily Scrum meetings, presentations, sprints, and retrospectives following each sprint. These gatherings are intended to bring together project stakeholders and guarantee the timely completion of duties. The Scrum methodology should be used by, or at least tried by, teams that take an Agile approach. This strategy can be used by both small and large teams because sprints are broken into small teams.
4. Kanban methodology
This is a highly adaptable methodology. Many teams employ this strategy in different ways because it doesn't have a set methodology like other methods do. The fundamental idea is that Kanban strives to concentrate on the most crucial project tasks while keeping the overall framework straightforward (Source: Kanbanize).
Project backlogs are represented by the Kanban methodology using visual components, particularly boards. Agile teams employ this strategy to lessen the possibility of bottlenecks while improving the visualisation of workflows and project progress. Although it's not necessary, it's often in the form of a software tool that enables you to switch between and drag boards within projects.
Kanban boards are excellent for teams of all sizes, but they are especially useful for remote teams. The visual capabilities of Kanban boards help every team member stay on track regardless of their location.
Related Blog - Challenges for Project Managers
5. Scrumban
Scrumban is a methodology that is influenced by both the Scrum and Kanban frameworks and combines the best elements of each. Similar to Kanban, Scrumban uses a sprint cycle but allows for the inclusion of individual tasks. This maintains project planning straightforwardly and enables the completion of the most crucial activities. Scrumban also uses Scrum meetings to improve teamwork and keep objectives front of mind. Scrumban might be the best methodology for your project if you and your team enjoy the idea of segmenting a project into smaller jobs but also want to keep it visually straightforward. It strikes the ideal balance between clarity and simplicity.
6. PRINCE2
PRINCE2, or Projects in Controlled Environments, employs the broad waterfall methodology to specify project stages. It was initially developed by the UK government for IT projects, and it continues to work better for large IT initiatives than for conventional projects that are more product- or market-focused. There are seven main principles of PRINCE2 project management methodology. These are starting, directing, initiating, and controlling a project, and finally managing product delivery, managing a stage boundary, and closing the project.
These guidelines establish a detailed project methodology and a successful company project process. It seeks to outline the roles of management. Additionally, PRINCE2 can be used to automate a huge number of distinct project management functions, including managing product delivery, controlling a stage, and starting and finishing a project. Due to the unique features of the PRINCE2 project management technique, big business projects with numerous project stakeholders are best suited for its implementation. On the other hand, using it for smaller projects could result in an unnecessarily drawn-out and challenging procedure.
Related Blog - The Pros and Cons of Digital Project Management
7. Six Sigma
Six Sigma is used for quality management, in contrast to other project management methodologies. It is typically regarded as a concept rather than a conventional methodology. Lean Six Sigma and Agile Six Sigma, as they are often known, are frequently used in conjunction with it. Six Sigma's primary goals are the continuous improvement of processes and the eradication of flaws. This is accomplished by ongoing process definition, definition, and control enhancements made by subject matter experts.
You can use the Six Sigma DMAIC methodology to establish a staged approach to advance this technique. These phases consist of:
Define: Create the project scope, business case, and initial meeting.
Measure: Collect data about necessary improvements.
Analyse: Identify the root causes of problems.
Improve: Solve the root causes found.
Control: Work to sustain the solutions for future projects.
Large firms, typically those with a few hundred people or more, are ideally suited for Six Sigma. At this point, your business will start to feel the effects of the requirement to reduce project waste more strongly.
8. Critical Path Method (CPM)
The critical path method helps project managers identify and schedule crucial tasks. This involves setting up task dependencies, monitoring project objectives and progress, prioritising deliverables, and controlling deadlines. This methodology's goal is to effectively manage large-scale, successful projects so that milestones and deliverables are properly mapped. The critical path strategy works best for teams and projects that are small to medium-sized. This is so because managing complex projects isn't the CPM's primary function because huge projects necessitate numerous outputs with numerous stakeholders.
9. Critical chain project management (CCPM)
The critical chain project management framework is one of the most thorough options. While it closely resembles the critical route methodology, it is significantly more complex. CCPM incorporates a work breakdown structure similar to CPM as well as precise time constraints for each activity. Making it evident when jobs are taking longer than expected helps advance task tracking. It also makes use of resource levelling, which divides work across available resources to alleviate heavy workloads.
These not only boost productivity and efficiency but also help link the work that has to be done with project objectives. Many project management solutions even include visual components to help team members visualise these objectives and build a well-organised roadmap. CCPM is a fantastic tool for both small and large teams, but it mostly assists in addressing issues with project efficiency. It can also be a fantastic approach to updating leadership on the status of the job.
Related Blog - How Can a Masters in Project Management Fast-Track Your Career?
10. Lean project management
Lean project management seeks to eliminate waste and establish a straightforward framework for project requirements. Ultimately, this means maximising teamwork and efficiency by accomplishing more with less. Reducing waste currently refers to wasteful habits; however, it is initially related to a physical product. Reducing waste through minimising resource-consuming practices that do not add value is the first step in lean methodology. Reducing overproduction which leaves waste is another important principle of lean methodology. Finally, identifying and minimising strain on resources makes your project proceed according to the lean methodology.
To better execute projects and optimise procedures, it is your responsibility as a project manager to avoid the three situations. This is comparable to the rational unified process (RUP) strategy, which similarly seeks to cut waste. The distinction is that RUP attempts to cut development expenses rather than employing wasteful methods. Lean is best suited for teams having trouble achieving efficiency goals because it is all about minimising waste. Even though this will affect large firms more, it might be beneficial for project teams of all sizes.
11. The Project Management Institute’s PMBOK® Guide
Despite being referred to as a project management methodology, the PMI's Project Management Body of Knowledge is actually more closely associated with a set of best practices that take into account diverse development processes. The five project management phases, which are all used to manage a project from beginning to end in an organised phased method, are the main focus of this framework. The five stages are project initiation, planning, execution, performance, and closure.
Although it's a good idea to keep this in mind, the PMBOK® Guide may not be as precise as other methods. As a result, you must choose which duties to perform at each phase. Small teams working on typical projects can use the PMBOK® Guide alone, but large teams working on complicated projects would benefit from pairing it with a more in-depth approach (like CPM).
12. Extreme programming (XP)
Extreme programming is used for projects with short deadlines, as the name would imply. The strategy produces several releases with brief development cycles. Quick turnaround times and increased productivity are direct results of the extreme programming (XP) methodology. Among the basic principles of extreme programming are simplicity, communication, feedback, respect, and courage. Additionally, it contains a particular set of XP guidelines that cover every stage from planning through testing. Individual projects with short deadlines, usually with small to medium-sized teams, can benefit from the use of extreme programming. Because XP is a quick-paced strategy, it should be used sparingly to avoid burnout.
Related Blog - How Project Management Can Help Deal with Complex Business Problems
Conclusion
There are more than a dozen project management methodologies that are tested and ranked by project management professionals worldwide; each project management methodology has its own advantages and disadvantages. Choosing a project management methodology will depend on the requirements of your project and on your experience, knowledge, and education. From agile to lean, knowing all the project management frameworks help you succeed in the project management industry.
If you are not aware of other major project management methodologies, we suggest you enrol in a prestigious UK Masters degree in project management. SNATIKA offers UK Masters degree program in Project Management to senior professionals who have managerial experience. With dual qualifications and a short duration of 12 months, you will earn a globally recognised UK Masters degree and industry-standard knowledge from subject matter experts. visit SNATIKA to know more.
Related Blog - Job Prospects: Masters in Project Management vs MBA