What Are Project Management Methodologies?

If you are working toward a career in business administration or you are currently pursuing a business program, understanding the various project management methodologies can help you choose the approach that saves time. Learning the methods for project management can also help you execute your work-related projects effectively. Here, we will look at the various methods for project management to help you pick what works best for you.  

Project Management Methodologies 

Waterfall Methodology  

Most students or project managers may want a linear, sequential project management methodology. If you are among the people who prefer straightforward approaches, the waterfall methodology will work for you. As the name suggests, the waterfall methodology has a downward flow, meaning you start and complete one phase before moving to the next. This methodology works well for manufacturing and construction projects. It can also be applied by students or researchers to collect and analyze data for academic purposes.  

Critical Path Method (CPM)    

The critical path approach is a project management technique that allows managers to identify all the tasks in the project and their scheduling flexibilities. Using CPM techniques, managers develop the critical path or the longest sequence of tasks required to finish the project on time. However, CPM works well for small and medium-sized jobs.  

Agile 

When working as a team, the agile methodology can help you achieve the overall objectives of a project. The agile approach emphasizes collaboration, flexibility, and customer satisfaction, which can allow the evolution of tactics and improvement in various phases. In most cases, users of this methodology break down the project into smaller, more manageable portions called sprints and use continuous feedback to perfect the product.  

Scrum Method 

The scrum methodology applies some principles of the agile approach in project management. Like the agile method, scrum focuses on teamwork and collaboration. Those who use this method also break down the various tasks in the project into manageable pieces, like in the agile methodology. However, scrum works for smaller teams of up to ten people. These teams organize short daily or weekly scrum meetings to assess their progress.  

Kanban Methodology 

Kanban methodology is ideal for projects that require visualization. Using this methodology, project managers can visualize the various tasks in the project and plan the workflow. Managers then use cards or sticky notes to track the progress of different phases. The visualization provided by the Kanban approach helps eliminate inefficiencies and wastages in the project.  

PRINCE 2 Methodology 

The PRINCE 2 methodology works for projects that require the approval of one phase before undertaking the other. Users of this approach divide the project into stages that may require authorization. Stakeholders’ consent is sought before starting the next phase. 

5 Key Elements of Project Management  

Five fundamental elements of project management help its successful completion. These five essential elements of project management include: 

Planning. Project managers should develop a comprehensive plan that outlines the scope of the project, objectives, timelines, resources, and budget. This plan should be updated and reviewed as needed to ensure successful completion.  

Execution. After planning, the next phase should involve the execution of the outline and completion of the various tasks that complete the project.  

Monitoring and Control. Project management requires managers to track progress, identify issues, and make necessary adjustments to keep the project on track. Managers can use key performance indicators (KPIs) to monitor and control the project.  

Risk Management. Risks are common in most projects. However, project management helps managers identify and mitigate the risks that may arise in the project.  

Communication. The project managers should maintain open communication with stakeholders throughout the project to keep them informed on the progress.  

Types of Project Management 

There are four types of project management include: 

Traditional Project Management 

The traditional project management method is a conventional approach that follows a linear and sequential workflow. Project managers use this method to complete one task before moving to the next, just like in the waterfall approach. This approach emphasizes planning and documentation, which confines the project to set timelines and budgets.  

Agile Project Management 

The Agile approach focuses on establishing a teamwork spirit in project management. This approach allows managers to split various tasks into manageable portions and allocate them to different team members.  

Lean Project Management 

In a lean project management approach, managers focus on eliminating waste and increasing efficiency. Lean project management applies data-driven decision-making techniques and continuous streamlining of the processes to reduce wastage and costs. 

Hybrid Project Management 

Hybrid project management picks the best in all the other approaches and combines them to create a customized approach. Users of this approach can take the sequential style of the waterfall and fuse it with the collaborative nature of agile to meet specific needs.  

Project Management Life Cycle Models 

Five project cycle models can be applied in project management. The first two models: the waterfall model and the agile model, have been discussed in the previous sections of this article. The last three models are: 

• V-Model, which is a variant of the waterfall model. This model uses a sequential approach to project completion but incorporates a testing phase of the previous tasks before moving to the next. 
• The Spiral Model, which combines the waterfall and agile models, allows managers to split the project into small tasks that follow a sequence.  
• And a hybrid model that allows managers to customize their approach to the project. The high hybrid model can include elements of all the other models to meet the specific project needs.  

Project Life Cycle 

A project’s life cycle has four phases that must be completed before handing over to the owners or stakeholders. These phases include: 

• The initiation Phase. The initiation stage starts with project conceptualization and defining objectives, scope, and constraints.  
• The planning phase, which outlines the project’s scope and budget  
• The execution phase, which comprises the actual work 
• Closure Phase, which involves handing the completed project to the stakeholders 

Learn More About Project Management 

Academic or work-related projects have become common. While you may not be directly involved in the work projects, understanding the essential elements of project management can help you make informed decisions. University of the People, an American-accredited, fully online academic institution offers a wide range of degree and non-degree options in business administration. Our programs equip learners from across the globe with project management skills to help plan and execute various projects. Check them out here.