The Different Project Management Methodologies

Concept Of A Project Management Methodology

In simple terms, a project management methodology refers to the set of tools, principles and techniques that help manage, execute and plan a project. The various methods used in project management assist project managers in leading teams to supervise, monitor and manage their work while inducing team participation and collaboration. Various types of methodologies are used in project management, each with advantages and disadvantages. Various project management methods are applied in various sectors, such as product development, R&D and software development. Every project manager needs to understand the various types of project management methodologies which help in better problem resolution and risk management. In addition, a project management methodology helps in better decision-making and controlling the project’s scope. A project that is clearly defined helps in estimating the costs, keeping track of the exact cost, and making sure that it is kept under control. Furthermore, the implementation of a project management methodology helps in the creation of a motivated team who are capable of working effectively. In other words, project management helps diminish confusion while forming a foundation of consolidated clarity, which counts as one of the most important advantages of the project management method.

Various Types Of Project Management Methodologies

• Waterfall methodology is regarded as one of the greatest PM methodologies, mainly used in construction projects that are too expensive and highly structured. The waterfall method Mainly uses the scheduling and the Gantt chart method. This methodology follows a sequential process which embodies various phases such as analysis, development, design and testing. By implementing the waterfall method in project management, the project manager acquires a detailed comprehension of the project’s requirements. Various parameters embodied in the project can be measured using the waterfall methodology, such as dependencies, risks, assumptions, costs, time for project completion, and success metrics. This methodology has various advantages as it enables the developer to spot errors during the designing and analysis stages, estimating the total cost and preventing any delay in production. However, this methodology takes longer to get a project delivered, and sometimes, clients do not know what is going on in the project. Compared to the agile method, the waterfall methodology is not flexible.
• Agile methodology is unique as it is regarded as a collaborative and evolving way that helps organise teams. When the agile method is incorporated, the work management and the project plan become adaptive. It is one of the most flexible and fastest processes compared to the waterfall project methodology. The agile methodology allows the project teams to function dynamically. This is why it is regarded as a suitable PM methodology. It is mainly used for the software and the project development. The project is segregated into smaller phases with this methodology’s help while undergoing various cycles such as planning, evaluation and execution. Customers are regarded as an important aspect of the agile methodology; hence, the customers are allowed to collaborate. With the help of this strategy, the project management team can shift the workflows and strategies without affecting the entire project. Agile technology values team collaboration, and all team members can work independently. It also helps maintain sustainability in the workplace while boosting work effectiveness. Some common agile methodologies are Kanban, Extreme Programming, adaptive software, and feature-driven development. However, the agile methodology is less predictable and takes more time than required. Sometimes, it entails the need for more important documentation, and as it is less structured, projects might get derailed.
• Project Management Body of Knowledge is one of the most significant methodologies; however, it is not meant for standards organisation and an association that does not provide a profit membership. This methodology comprises a definite set of guidelines for project execution, scheduling, executing and planning. The project’s lifecycle is defined by the various processes of the project management body, which further explains how the project shall be explained. Every project can benefit from the PMBOK as all projects go through various stages, from the bigger to the smaller. It helps maintain the project scope while focussing on the various activities and areas of the project management.Furthermore, it also helps estimate, control and budget the costs incurred in the projects. Every project encompasses risk, and using the PMBOK methodology, various risks can be identified and minimised accordingly. Various stakeholders involved in the project are identified, while their needs and interests are analysed to keep them involved throughout the project. For instance, the construction of a high-rise building assists in ensuring the effective construction of a multi-story building. Despite the advantages, there are certain disadvantages of the PMBOK as well. Sometimes, the PMBOK is regarded as inflexible and complex. It is devoid of guidance related to industry-specific projects. It places undue emphasis on the documentation, which might pave the path for administrative burden. Also, it overlooks the significance of soft skills, such as interpersonal skills and leadership. It must catch up with the emerging methodologies and the dynamic project environment.
• Lean is also a project management methodology focusing on reducing waste from the main processes and persistently impacting the value stream. This is done by optimising the verticals and separating technologies and assets. Teams all across the globe adopt the lean methodology from software development to sales. This methodology helps optimise the organisation’s people, effort, resources and energy, which helps create value for the customers. It helps in making healthy and more resilient relationships with the stakeholders. For instance, Toyota adopted the lean methodology in project management to persistently improve the product development process and think differently out of the box. In education and the construction industry, the lean methodology is used. However, lean methodology has certain disadvantages as well. It needs a proper strategy and sometimes runs short of time.
  Motorola primarily used the six Sigma methodology in the middle of the 1980s to improve the quality and objectify what was well functioning in the project. It comprises empirical statistics and uses personnel with expertise in this discipline. The persistent efforts put in by this methodology help in acquiring success that is stable and significant in achieving success. In the case of larger organisations, the Six Sigma methodology works better, and the employees benefit from this methodology. Other organisations such as Toyota, General Electric and Amazon adopted the Six
• Sigma methodology. Various other industries, such as healthcare, manufacturing, finance and the services industry, to develop satisfaction, increase profits and reduce costs, adopt the Six Sigma methodology. As it is mostly a data-driven approach, it can minimise the defects while setting forth a systematic framework to spot and eradicate variations that can hamper the project’s performance. From the customer’s perspective, the business problem is clearly defined, while the various metrics of the project are focussed upon. The various variables influencing the project are analysed with the hello of this methodology. Finally, it helps in determining the project’s performance and ensuring that the earlier phases are well implemented.

In conclusion, the project management methodology helps organise the project most efficiently and favourably. In other words, it helps manage the project by following certain principles and steps. Also, it helps promote collaboration, accelerate operational efficiency, track the project’s budget, and increase the quality of the product delivered.

FAQs

Q1. What do you mean by project management methodology?

Ans: A project management methodology refers to a group of principles and practices which help in organising projects and also help in ensuring the maximum performance of the project. Also, it helps in managing the project in the best possible way.

Q2. Elaborate waterfall methodology.

Ans: Waterfall methodology refers to the sequential improvement process that passes like a waterfall through the phases of a project, such as development, analysis, design and testing. It also helps in measuring the success of a project.

Q3. What is the significance of the Six Sigma methodology?

Ans: It helps improve business processes by lessening the defects and reducing variations, thereby increasing efficiency and quality. In other words, it helps control, define, measure, and analyse the various business processes.

Q4. Is PMBOK a useful project management methodology?

Ans: Yes, PMBOK is a useful project methodology as it helps in managing the project and assists the project managers in working within a more standardised system. In other words, it is adopted all across the departments of various companies throughout the various lifecycles of the project.

Q5. Name the project management methodology that Toyota used.

Ans: Lean management methodology is used by Toyota to make the project management process more effective.

Author Bio: Meet Mark Edmonds, a devoted professional at Academic Assignments, having some expertise in top-quality MBA assignment help and project assignment help. Enthusiastically for project management methodologies and their applications, Mark has turned into a believed hotspot for students looking for direction in project-related academic pursuits. His obligation to conveying the best assignment help originates from long periods of involvement and a craving to see students excel in their MBA programs, making him an important resource for the academic community.