Project Management has become a necessity for modern business enterprises and organizations. Without a proper project management strategy in place, businesses cannot conduct their daily processes in a timely manner. Therefore, almost all modern organizations follow one or two project management methodologies to allow their business to prosper and meet the objectives. Project Management Methodologies are used depending on the nature of the industry and the projects. A project manager must have the knowledge of these 8 popular project management methodologies so that they can decide which one will be best suited for their organization.
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Top 8 Popular Project Management Methodologies
Here are the top 8 popular project management methodologies that every project manager must be aware of:
- Waterfall Methodology – It is the most common and traditional project management methodology used by project managers for delivering projects for their organizations. In the waterfall methodology, the phases in the project development cycle flow downwards, hence the name. Thus, project managers finish one phase then move on to the next phase of the project lifecycle. The waterfall methodology is still used in the manufacturing industry and construction projects where changes in the project lifecycle are too expensive and can cause major disruption.
- Agile Methodology – This methodology is an evolution of the traditional project management methodology of Waterfall discussed above. The agile methodology allows project managers to go back and forth between the five phases of the project lifecycle. Originally started in the IT industry for software development, this methodology has been incorporated in many industries like automobile, healthcare, retail, and many more. Some organizations have adopted the hybrid model of Agifall that combines the two project management methodologies of waterfall and agile.
- Scrum – It is a product of the agile methodology. Scrum methodology focuses on doing tasks in short bursts or “sprints”. Usually, an organization appoints a Scrum Master (SM) to monitor the adoption of the scrum methodology in agile project development. Like Agile, Scrum was introduced in software development and has become popular in other industries as well.
- Kanban – Project Managers use the Kanban methodology to visualize the workflow. It helps them track the progress of the project development teams and manage resources according to their needs. This methodology started in the manufacturing and IT industries as well. Today it is used in HR, Marketing, Banking, etc. A combination of Scrum and Kanban are known as the Scrumban methodology is also used by some organizations.
- Lean – The Lean methodology emphasizes creating value-added products and services for the customers. Using this methodology, project managers can deliver projects for their organizations that meet the customers’ requirements and adds value to the entire business process. It focuses on “quality” and is an important quality management methodology as well. Another quality management methodology that project managers should know about is Six Sigma. Lean Six Sigma combines the two quality management methodologies and helps organizations deliver “quality” projects to their customers.
- Critical Path Method (CPM) – This methodology is used by project managers to address critical and non-critical tasks that help in timely project delivery. With CPM, they can identify the important tasks and focus on them first. An improved version of the CPM is CCPM or Critical Chain Project Management which allows project managers to manage resources that are needed to complete a project.
- PMI’s PMBOK – The Project Management Body of Knowledge has been created by the world’s premier project management governing body – Project Management Institute (PMI). It describes the project management principles including the tools and techniques that every project manager or individual aspiring to become one must know about. Also, PMI’s PMP Certification is the most popular project management credential in the world.
- PRICE2 – Projects IN Controlled Environments or PRINCE2 is a project management methodology that divides projects into controlled stages. It has seven principles and several themes and templates that project managers can use to deliver projects for their organizations. Primarily used in the UK and its government, in the beginning, the PRINCE2 methodology has proved beneficial in other industries as well. Project managers who aspire to work in an environment that supports the PRINCE2 methodology can earn the PRINCE2 Foundation Certification or Practitioner Certification to improve their knowledge in project management.
No matter what methodology they choose, a successful project manager must have the knowledge and skills in at least two of these top eight project management methodologies. Aspiring project managers can register for professional project management training to gain knowledge and skills or update their existing project management knowledge and skills.
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