What are the Different Project Management Methodologies You Need to Know?

Leading business leaders are relying on project management methodologies. Without it, the project literally gets many drawbacks.

In a recent report by Standish Group, it was observed that only “36% of projects have reached the entire requirement in a project.”

So now the question arises, why do many projects get off track?

Like Woody Williams said – “No matter how good the team or how efficient the methodology, if we’re not solving the right problem, the project fails”

There might be a lot of reasons for the lack of requirements in the project. But most of the projects marked a common factor. It is because of unclear directions.

So you can overcome this issue by following the project methodology.

Project management Methodology

A Project management Methodology refers to a set of principles and processes used to manage a project.

The project methodologies help in defining a governance structure, process guidelines, processes involved, test activities, and deliverables. All the features involved are necessary for project success.

So, if you want to manage your project in the best possible way, the project management methodology will help you in achieving it.

Why Do You Need A Project Management Methodology?

Project Management methodology generally aims to standardize, organize and structure the work methods.

This helps to keep the focus on all the projects and allows you to repeat the successful aspects in every project and if any mistakes occur, you can rectify it and learn from them.

It results in continuous improvement in a project.

With Project Management methodology, you are adding more efficiency to the project.

What are the Latest Trends in Project Management?

Artificial intelligence for automation:

According to a survey done by the Project Management Institute nearly 81% of professionals say that AI has impacted their organizations.

Project managers are using AI tools to generate performance insights, make estimates, optimize resource availability, and perform risk analysis.

Implementing project management software:

Companies beyond the IT and the tech industry are opting to implement project management software to get real-time KPIs for their projects.

It enables them to manage all their teams, tasks, and data under a single platform thereby enabling them to make data-driven decisions.

Rise in remote working:

Remote working has been on the rise and since the global pandemic in the year 2019-20, almost all companies have moved their focus to facilitate more remote work.

This enables companies to extend their employment to teams from other nations.

Increased focus on data analytics:

Organizations across the world are employing AI-powered analytics to derive accurate data, stats, and facts that enable project managers to make data-based decisions. It facilitates higher project success.

Increase in cloud-based project management tools:

Organizations are looking for cloud-based solutions so that they can manage all project activities remotely.

It enables team members from all departments to collaborate remotely and manage data without having to significantly invest in on-premise infrastructure.

What Are The Various Types Of Project Management Methodologies?

(source: Credera.com)

A project becomes successful depending on the project methodology it has used. A methodology that works for you doesn’t mean the same methodology will work for the other.

Therefore it is important to understand the various methodologies and choose the right one.

Here is the list of project management methodologies to use for your project:

1. Agile:

(source: Prolificmanager.com)

Top Stats and Facts on Agile Project Development Methodology

• Nearly 71% of U.S. companies are using Agile
• Agile projects have a 64% success rate whereas waterfall methodology has only a 49% success rate
• Companies have experienced nearly 60% growth in revenue and profit after agile adoption.

After dissatisfaction with the linear approach of traditional project methodologies, agile project management was developed.

Agile project management methodology was created to manage complex projects. It is an iterative and people-centric approach to project management.

With Agile Project Management Software, you can reduce the complexity of the project by breaking down the project into small segments.

The key principle of Agile Project management methodology is:

• Open to data-driven change
• Quick
• Collaborative

In many methods of Agile Project management, you can add the “work to be done” in the backlog. The team can work through various phases or cycles.

Benefits:

• Flexibility and Freedom: As there are no fixed stages or focus only on requirements, this provides your resources more freedom to experiment and create incremental changes. This makes it fit for creative projects.
• Low risk: Using Agile Project management, you will receive regular feedback from the stakeholders.

This helps to get the review and change it accordingly. This reduces the risk of project failure, as the stakeholders are involved in every step.

2. Scrum Methodology:

(source: Covetus.com)

Top Stats and Facts on Scrum Methodology

• Scrum is the most popular Agile methodology which accounts for nearly 66% of all Agile projects whereas Scrumban is the second most popular accounting for just 9%.
• Nearly 80% of agile teams report using some version of Scrum
• Nearly 80% of scrum masters use Scrum and Kanban together
• Teams adopting scrum have improved productivity by 300%
• Gnarly 90% of scrum teams hold a daily scrum meeting

It is a form of Agile Project Management. It is more like a framework than a project management methodology.

It solves most of the problems faced by software developers. Such as inflexible projects plan, convoluted Development Cycles, and shifts in production Schedules.

In Scrum, a small team that is led by the scrum masters works to clear all the obstacles to work more effectively.

The team works in short cycles of two weeks, which is known as “Sprints”. The team members held daily meetings to discuss the work and problems that needed to be solved using this methodology.

This methodology allows rapid growth and testing mostly within small teams.

3. Kanban:

(source: Projectcubicle.com)

Top Stats and Facts on Kanban Methodology

• According to a survey by Kanban University, nearly 76% of respondents reported that Kanban was effective or much more effective than other frameworks.
• According to a survey by KPMG nearly 84% of respondents stated that they use either scrum or Kanban in their workplaces.
• Nearly 40% of organizations surveyed apply Kanban to 10+ teams or the whole company.
• After adopting Kanban, organizations increased visibility of flow by 78%, improved delivery speed by 52%, improved project predictability by 42%

It is another framework used for implementing Agile, based on the capacity of the team.

It is a simple, clear, and effective project management methodology. With Kanban, the project can manage the task, files, and list in a single interface.

Kanban Board:

The Kanban Board is used to help the team management work effortlessly. Kanban Boards are mostly represented as interactive panels with virtual forms of sticky notes. It can move around easily and that helps in organizing the task and to-do list.

The Kanban board works great for the team, as the team can get a visual representation of the project’s progress.

Critical Path Method:

The Critical Path methodology categorizes all the important activities that are necessary to complete the project within a work breakdown structure.

You get to map the projected duration for each task and the dependency on them. It helps to map out the tasks that can be completed simultaneously, and what activities need to be completed before others start.

Advantages

• Prioritize: The success of CPM methodology depends on pointing to critical and non-critical activity. Once the mapping is done, it helps you to prioritize the resource in a better way.
• Schedule Better: You emphasize mapping the duration of activities and their interdependence. Once the mapping is done you can schedule the task in a better way. If task X depends on task Y that needs to be finished first. With CPM you can identify and schedule the task.

5. PRISM (Project Integration Sustainable Method):

(source: Green Project Management)

PRISM stands for Project Integration Sustainable Method and is a methodology created by Green Project Management Global.

The approach focuses on accounting and minimizing the adverse environmental impact on the project. It varies from the traditional methodologies.

This methodology focuses on the entire lifecycle of the project post-delivery which helps in maximizing sustainability.

6. Waterfall Project Management Methodology:

(source: slideteam.net)

Nearly 51% of Companies Employ Waterfall Methodology for Project Development

It is a traditional form of managing projects. The Waterfall methodology follows the common process of planning out a project, Sequencing the tasks, and working out on it to get the final results.

In this methodology, you need to complete the task before you begin the next one.

The tasks are in a connected sequence of items that are added to the overall deliverables.

This project methodology is ideal for projects that give results in physical objects such as buildings, Computers, etc.

Advantages:

• Simple methodology, every step is pre-planned and laid out in a sequential manner.
• Set clear goals
• Fewer client inputs

How to Choose the Right Project Management Methodology?

The methodology is used to look at the types of projects. You cannot force a methodology into a project and expect it to deliver a successful result.

Various types of Project methodologies might confuse you to choose the right one. So you need to choose the one that suits you best for your project.

Choosing the right methodology will give you the successful delivery of your project. You need to understand the methodology or framework, understand which methodology is the right fit for your business and go on with it.

However, the following factors help you decide to choose the right project methodology for your organization.

• Budget: The first thing to look at is the budget. Choose the methodology that fits into the project budget.
• Team: It is important to understand how many members and stakeholders are involved. Understand your team is more compact and self-organizing or they are more sprawling and need more delegation.
• Risk-taking ability: You need to identify if the project is a bigger challenge to you, which needs to be managed carefully. Or the project is a regular type that is managed by your team on a regular basis.
• Flexibility: Is there any chance the project scope is going to change in the middle of the process? What is the finished product?

So all these things matter when choosing a project methodology. The project manager needs to choose according to the consequences.

Other 5 Common Project Management Methodologies are:

Scrumban Methodology:

Scrumban is a hybrid agile project management methodology that employs the benefits of Scrum and Kanban. It allows teams to continuously pull tasks from the backlog like Kanban and implement sprint cycles like Scrum.

eXtreme Programming (XP) methodology:

XP is an agile project management that was designed for software development. It emphasizes a set of rules or the five values: simplicity, communication, feedback, respect, and courage.

Adaptive Project Framework (APF) methodology:

The APF methodology is an agile methodology designed to be able to respond to change faster. In this framework, teams should try to anticipate the risks and prepare for the most unexpected in their project.

Lean Methodology:

Lean project management was originally meant for manufacturing industries to reduce waste, now it is being used in some software development processes. The goal of lean project methodology is to maximize the value of the project deliverable as well as reduce waste.

Critical Path Method:

Also known as the critical path analysis it is a way of identifying and scheduling all the critical tasks in a project development. A Gantt chart is one of the many ways to visualize the path to project completion.

Frequently Asked Questions:

What is Project Management Methodology?

Project management methodology is the set of principles and practices that guides in organizing the project to ensure better performance in your project.

You will get various project management methodologies that are built for specific types of projects. You need to choose to look at the team, budget, and project.

How to choose the right Project Management Methodology?

The project management methodologies are chosen by the Project manager by looking at the following consequence:

• What is the project budget? The project manager should choose the methodology by looking at the budget spent.
• What is the team size? It is important to understand the size involved in the project and what is the nature of the team members toward the work.
• What is the risk involved in the project? It is a challenging one for the team and success does matter for the business.
• It is important to understand the flexibility of your project. Is there any chance of changing the scope in the middle of the process? What is the finished product?

So, all these things are important to understand while choosing the project management methodology.

What are the phases of Project management?

A project when divided into phases makes it easier to follow. Dividing into phases makes the workload separated into smaller components. This process makes the project easier to monitor.

So, the project is divided into the following phases:

• Initiate
• Define
• Design
• Develop
• Implement
• Follow-up

Conclusion

The Project Management Methodology is the key to a successful project. It follows a set of principles and practices which guide you in organizing the projects for better performance.

Therefore you need to choose the right project management methodology that can elevate your project and help the project manager to get the best productivity from each team.

It is important to choose a methodology that is more collaborative, simple, and flexible.

To implement these methodologies effectively you will need a project collaboration tool like Orangescrum. It provides features to create projects in Simple, Scrum, and Kanban flows.