In this article, we will comprehend the project methodologies and list the six types of project management that assist in boosting a successful business. While discussing the project management methodologies in the industry, agile and scrum are widely spoken and adopted by many corporations. To know more, read this Agile Scrum Methodologies blog, which explains the basic definitions of agile and scrum, principles, methodologies, roles, and differences between scrum and agile.
Project management has “always been practiced informally,” as per the Project Management Institute® (PMI), the leading professional membership association for project managers. It is defined as “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. “According to PMI, the demand for qualified project managers has increased considerably as “the global economy has become more project-oriented.”
What is a Project’s Methodology?
A methodology as per PMI is the set of techniques, practices, processes, and regulations followed by persons who perform in a profession. Likewise, Author Harold Kerzner writes “Best Practices of Project Management: Accomplishing Global Success,” which describes project management techniques as “templates, checklists, forms, and guidelines that are applied for a particular situation or project.”
“In any project, the two major precious resources are time and cost,” Allen added. ” You may handle those resources more efficiently by using the correct project management methodology.
PMBOK Guide is published by PMI®. As per the PMBOK® Guide, despite which project management technique you employ, all the below procedures must be addressed:
- Initiating: This happens at the start of a project. First, the Group of teams decides on a project charter or a theme and recognizes the key stakeholders, project manager, and objectives.
- Planning: The project manager who is designated and the team begin to put a joint schedule, determine a budget, scope, and build workflow structures at this step.
- Executing: The purchase of any essential resources, and also the general team management, information, communications, and expectations, are all steps engaged at this stage.
- Controlling or Monitoring: The manager of the project monitors, evaluates, and supervises the elements of individual projects such as scope, quality, performance, budget, risk – while team members of the project assist.
- Closing: Once all of the essential close-out processes have been performed, it is time to evaluate the process, analyze any suggestions, and make a list of the lessons comprehended for the next time.
A project manager should be capable of balancing soft and hard skills at every stage listed above. Allen states, “For the risk, quality, and cost management purposes, you must comprehend how to gather, scrutinize, and report data.” “Project managers were also leaders who must be able to read individuals, encourage them, and provide constructive advice.”
Types of Project Management Methodologies
The following are only a few examples of project management approaches. Agile, Waterfall, Critical Path, Scrum, Lean Six Sigma, and PRINCE2 are project management methods, each with its own set of benefits and drawbacks.
- Agile: An Agile, which dates back to the 1970s, aims to increase a firm’s flexibility by completing projects in short development intervals known as “sprints.” Every sprint can be reassessed regularly, allowing teams to improve timeframes rapidly.
- Waterfall: Project management in a waterfall, an organized, step-by-step method for bringing a project through a succession of phases and completion, is frequently employed in software development.
- Critical Path: The critical path methodology defines project tasks into steps based on which will take the longest and hence have the most impact on project deadlines and timelines.
- Scrum: Scrum provides more of an overarching framework for understanding multiple stakeholders and processes in a project, as well as methods for evaluating a project’s efficiency and identifying ways to enhance your process.
- Lean Six Sigma: Six Sigma depends on five unique procedures to analyze processes and concentrates on statistical analysis to evaluate business functions: Defining, Measuring, Analyzing, Improving, and Controlling. A graduate certificate in Six Sigma might assist you in preparing for the certification exam.
- PRINCE2: PRINCE2 is a relatively new idea that adds benefit and risk to the standard project evaluation limitations (time, money, scope, and quality). It also refers to these factors as “tolerances” rather than “constraints.”
Specialized certifications play a major role in the corporate industry who would like to develop their career into project management. Read this CAPM Vs. PMP blog, which explains the prominent methodologies of project management. It clearly distinguishes the Project Management Professional and Certified Associate in Project Management and assists with the preparations and details of examination required to accredit the certifications.
In this article, we have successfully learned the six different project methodologies used in boosting a successful business and understood why project methodologies are essential for handling projects. In addition, we have also assisted with the information on certifications that helps the aspirants in achieving their dream career as project manager.