Project Management Methods – Comparison & Examples
As a project manager, you know that you have many different ways to deliver your projects. Generally speaking, you have many different project management methods that you can use. Each one of them uses different principles, frameworks, themes, standards, and processes. Ultimately, the best project management methodologies depend on each project, client, and team.
Project Management Methodologies Comparison:
Here is the comparison of top 7 project management methodologies that you can use to manage a project. We will also discuss the project management methodologies examples:
1. Waterfall Methodology:
The Waterfall methodology is a more traditional approach and it tends to be mostly used in the construction and manufacturing industries. According to this methodology, the project needs to be broken down into sequences that are all dependent. This means that the second phase will only start when the first one is completed.
The Waterfall Methodology includes 5 different stages: the idea engineering, the system design, the implementation, the testing and validation, and the maintenance.
2. Agile Project Management Process:
The Agile Project Management Process is another famous project management method that also transforms the entire project into small cycles or phases. One of the main benefits of using Agile is that it is quite flexible. This way, it is perfect when you need to continuously adapt to changes according to the client feedback.
The Agile Methodology should be used in projects that require frequent interaction.
3. PRINCE2 (Projects IN Controlled Environments):
Originated in the UK, the PRINCE2 is widely accepted in this country and, just like Agile, it is incredibly flexible. When you are using this project management method, the project has a clearly defined output and there is a business justification for every project.
One of the main goals of this project management method is to have all the products delivered on time and within cost estimates. Before the project starts, each team member knows exactly their responsibilities.
4. Critical Path Method:
According to the Critical Path Method, you will need to define each one of the different categories for the activities that are needed to complete the project. You will then need to map the projected duration of each one of these activities as well as it should also show the dependencies between them.
When you’re using this project management method, the activities can be completed at the same time or there may be some that need to be completed for others to start. This project management method is best suited for projects that include repetitive activities such as industrial projects.
5. PRiSM (Projects integration Sustainable Methods):
The main goal of the PRiSM is to minimize the adverse environmental impacts of the project. This makes this project management method different from all the other project management methods listed here since it extends beyond the end of the project itself.
One of the main difficulties in using PRiSM is the fact that it needs to have the collaboration of everyone involved in the project, including stakeholders and outside contractors. This project management methodology is best suited for complex and large industrial and real estate projects where sustainability is a key concern.
The Scrum methodology is based on the Agile framework and in order to start, it just needs the planning. One of the main advantages of this project management method is the fact that it prevents delays in the product launch since the entire process is focused on team collaboration. Ultimately, using the Scrum method usually saves companies a lot of money and time.
With Scrum, however, the planning is just enough to kick off the project as it is based on the Agile framework that was discussed earlier. It’s a great way to prevent delays in product launch because the entire process focuses on team collaboration. The Scrum master facilitates the scrum sessions (sprints) which occur within a time frame of 1-3 weeks. The result is an iterative process that significantly saves the company a lot of time and money.
Lean is the Godfather of Agile and if we can summarize this project management method, we would say that it is all about doing more with less. With the Lean methodology, you will start by identifying the value. Then, as the process evolves, you will continue to optimize the value and eliminating the waste.
The Lean Methodology uses three main principles: the Muda, which is about eradicating waste, the Mura, which is about eliminating variations, and the Muri, which is about removing overload. The main goal of the Lean Methodology is to change the way you operate with the main goal of delivering value.
Now that you already know the best 7 project management methods and for each projects they are best suited, choosing the one you are going to use for a specific project should now be easier.
Notice that there are many more project management methods but we wanted to focus on the most important ones. Methods of project management are studied in more details during the project management certification and diploma in project management programs, offered by AIMS (UK).