What Project Management Methodology Should You Use?

Over the last fifteen years, project management has spread from the construction and technology industries to virtually every other business sector. Projects are useful for achieving goals and results through a systematic and strategic process, allowing stakeholders to set the deadline and budget in line with larger business goals. This shift shows a rising concern about projects success rates and an understanding that there are better, more beneficial, and successful project management approaches than those now employed by many businesses.

However, using the project structure is a great approach for organizations to track and manage resources while achieving their goals, however, project failure is common in some industries, particularly IT. Projects managers might try to avoid project failure by using a formal project management methodology to structure their approach.

What defines a methodology in managing projects, and what significance does it hold?

Before diving into the specific approaches, it’s important to understand what a project management methodology is and why it’s so important for project management success.

The Project Management Institute describes project management methodology as “a system of practices, techniques, processes, and regulations utilized by individuals who work in any field,” but a methodology must also have a purpose or particular criteria that define a specialty of approach.

There are as many various methods to deliver projects as there are different projects, and they are mainly determined by our methodology choices – how different concepts, frameworks, and procedures are applied, and how these applications offer structure to the way we achieve project success.

Within business, there is a lot of theoretical dispute over what a project management methodology is. Some project management techniques, such as Agile, describe only a core set of principles, whilst others, such as Prince2, provide a “full-stack” methodology of defined concepts and processes. Some have a long set of standards, while others, like Scrum, have a shortlist. In reality, most active project managers would characterize a methodology as a best practice framework used to complete a project effectively, on schedule, and within budget.

The Benefits of Using a Methodology

Formal project management approaches provide a rigid structure within which to execute a project, with the benefit that progress can be easily tracked and reviewed at every stage of the project in accordance with a timeframe, budget, and outcome stated at the start. Methodologies, which are especially useful in larger organizations where large teams will be tasked with completing a project, require the implementation of a system of universal procedures, processes, and justifications that regulate against rash decisions and potential overspending.

Money, time, roles, and duties are used and defined as each team member, or project manager sees fit without a project management technique, which can lead to widely different perspectives on a target projecs outcome.

How to Choose?

Although project management professionals believe that using a recognized methodology benefits the majority of projects, each methodology has its own set of benefits and drawbacks, and various projects will surely benefit from different methods. To guarantee that your project management methodology benefits your project directly, it’s critical that the benefits and applications of each methodology be linked with not just the project management plan’s objectives, but also your project team, business, and industry as a whole. Project management approaches differ in size, scope, and many other criteria, and finding the right fit for your company may greatly enhance your project team’s communication, productivity, and overall success. Consider the following aspects while comparing the approaches listed below to see which one is the best match for you.

• Organizational goals
• Core values
• Project constraints
• Project stakeholders
• Project size
• Cost of the product
• Ability to take risks
• Need for flexibility

The 5 Most Common Project Management Methodologies

The multitude of acronyms and abbreviations associated with project management techniques might make them appear like a foreign language, causing you to spend more time understanding the names than learning the approaches. To add to the complexity, not every project management style will be appropriate for every project. You must be familiar with these common project methodologies and their differences in order to determine which method will work best for your project. We’ve broken down the five most popular and diverse project management methodologies to give you a quick overview of your potential training options, or project approaches.

Waterfall vs Agile Project Management

The Waterfall vs Agile debate dominates most discussions about project management methodologies, and it is, in some ways, a case of the traditional vs. modern approach to project management. The Waterfall methodology is one of the oldest approaches to project management, and it takes the more traditional form of a sequential project structure. Waterfall divides the project into stages, from planning through delivery, and each stage is only started once the previous one is done. It does not generally allow for a step to be returned to or backpedaled after it is completed. Project requirements are often set at the start, with few if any changes made until absolutely essential. It is most typically used in the management of big projects with various stakeholders, or on projects with well-defined and predictable procedures and solutions, due to its nature.

Agile project management has been increasingly common in recent decades, particularly in the software development industry. Unlike Waterfall, the Agile approach employs several project cycles, or “sprints,” and emphasizes adaptability through continuous project input. The agile technique is quickly altered, even mid-project if new information becomes available because little components of the overall aim are planned and implemented in an iterative process. It’s suitable for projects with a high level of uncertainty or frequently changing final output needs.

Overview of PRINCE2 Project Management Methodology

PRojects In Controlled Environments (PRINCE2) is a widely used and well-regarded project management methodology. PRINCE2 is a highly accepted industry standard that is used in over 150 countries and was recognized and produced by the British government in 1996.

The main structure of PRINCE2 is divided into three subsections, each concentrating on one of the seven project planning principles, seven project responsibilities to be assigned, and a seven-phase process to take the project from start to finish. Despite being one of the most complicated and comprehensive projects managements techniques, PRINCE2 is extremely scalable and can be modified to a variety of applications and settings, as well as simple or complex projects needs.

PRINCE2 is also one of the few project management approaches that require ongoing training, accreditation, and certification. PRINCE2 certifications are available in a variety of hierarchical courses, depending on present project management experience and future management objectives, reflecting the structure it implements, where the management layer is separated from the work layer in order to establish specialized work.

Overview of Critical Path Project Management Methodology

The critical route technique is a step-by-step strategy that works effectively for projects with interconnected activities.

Work is split down using a framework that records the timeframe for completing dependencies, milestones, and deliverables under the technique. Because of the major emphasis on-task time, scientists and manufacturers frequently use it to determine the urgency of activities based on how fast, or not, a job can be completed.

Project managers may accomplish activities faster by assessing and prioritizing the most time-consuming tasks first, and they can communicate to stakeholders and project sponsors about the total project length using a clearly defined metric.

Overview of Six Sigma Project Management Methodology

Motorola was the first company to use the Six Sigma project management methodology, which was developed in response to a 10X decrease in product failure rates in just five years. Six Sigma is a very consumer-focused project management technique with the main purpose of reducing waste, improving project processes, and increasing revenues.

Six Sigma’s main principle is to discover and quantify the number of flaws in a process in order to figure out how to eliminate them and obtain as near to zero faults as feasible in a project, or perfection. As a result, it is a highly data-driven and analytical management style with three key components for taking a project from conception to completion.

• The first component is DMAIC: define, measure, analyze, improve, control
• The second is DMADV: define, measure, analyze, design, and verify
• The third is DFSS (design for six sigma), which can include the other processes mentioned.

There is no one-size-fits-all solution; instead, your methodology selection should be based on the number of factors that are shared between the methodology’s style and the ideal structure and goals of your project plan. By selecting the right match for your project, you may drastically lower the risk of project failure and increase your chances of finishing on time and on budget.

Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com