The importance of project management cannot be truly emphasised. If one has the best team, adequate resources as well as appropriate time and money on hand, but fails to utilise them in the best possible manner, then all the investments are as good as gone down the drain. Put the business angle into it and this failure would translate into losses—both in terms of money and credibility in the market. Therefore, it is important to follow a method to achieve success.
This is where different types of project management methodology come into the picture.
What is Project Management Methodology?
Any model that is applied to design, plan, implement and achieve various project objectives is known as Project Management Methodology. It is not necessary that the same model would work for all the projects. Thus, it is the responsibility of the project manager to weigh the pro and cons of various methodologies and decide on the one that suits a particular project. It is all about identifying the best way to plan, initiate, and execute different projects. One can implement different types of project management methodologies in any sector or industry, with the same efficiency and results.
How Many Types Are There?
A project management methodology does not follow the ‘one size fits all’ model. What works perfectly well for one type of project can give disastrous results for others. Thus, it is important to know what the different kinds of methodology are. The project management methodologies list includes the following:
Waterfall or Traditional: This is the oldest type of methodology. It has been in practice in diverse industries, for decades. In this model, the lifecycle of the project is fixed before starting. The phases and timelines are linear. The only challenge of this model is that it cannot address any sudden change or unforeseen problems during the development cycle. One has to start all over again.
Agile: As the name suggests, this methodology is suitable for those projects that need agility in their requirements. Here, delivery cycles are short termed and are not dependent on each other for their initiation or completion. They mostly work in sync with each other, at all times. In agile management scenarios, team culture is very dynamic, project control is less restrictive, and greater emphasis is placed on real-time communication. The agile project management methodologies are preferred for complex and longer projects, since any issues or complex requirements can be addressed with ease.
PRINCE2: This is a process based approach in any project management. It is based on eight high level processes. Of late, this methodology has been gaining exponential popularity.
ITIL: Information Technology Infrastructure Library or ITIL is a collection or a set of best practices that are followed in the industry. It covers a broad spectrum of project management methods, processes and strategies that start from the organizational management level. Following these techniques and implementing the ones that are the best suited for a project is well advised for all project managers.
Crystal Methods: This methodology follows a different approach. It places more importance on team communication, the overall skills of team members, the people involved in the project, and their interaction. In this case, project processes find a lower place on the priority list. Crystal methods are a part of agile category.
Some other methodologies include:
Dynamic Systems Development Model (DSDM)
Feature Driven Development (FDD)
Extreme Programming (XP)
Joint Application Development (JAD)
Lean Development (LD)
Rapid Application Development (RAD)
Systems Development Life Cycle (SDLC)
Every methodology comes with its own set of pros and cons and these must be measured carefully before implementation.
Choosing the Best:
It’s well advised for all project managers to indulge in serious project management methodologies comparison before initiating any project. The requirements of every project depend upon many factors, which should be considered at every stage. The number of phases required, the complexity, the budget, amount of resources, and time of delivery are some factors that affect every project. Implementing the right methodology can do wonders for a project and deliver great results, each and every time.