Project Management is getting itself recognized as most of the Project managers are coming up with different ways of planning a project. With different approaches in mind, Project managers learn to divert their strategies to best suit the needs.
The Project Management Institute (PMI) defines these approaches as Methodologies. According to PMI, A methodology is defined as a system of rules, techniques, procedures, and practices used by those who work in a discipline. This set of methods and practices define the whole perspective of a Project, Starting from planning a project to a complete release to the client.
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Leading Approaches in the Project Management Industry
Several approaches allow different work rates and management strategies, each of the techniques require a different skill set of the project manager to proceed with, Most Project managers tend to follow the latest strategies and guidelines to keep the Working up-to-date.
Some of the best approaches, which ensure the maximum outcome of the project, are as follows:
PMI/PMBoK
The PMBOK, which is not technically a methodology but a handbook defining a collection of standards that describe project management, is produced by the PMI. The Project Management Body of Knowledge (PMBOK) is a set of standard terminology and project management rules, According to the reports 5 Project Management Categories appear in almost every Project:
- Initiate/Begin: The idea initiation phase kicks off the whole PM Lifecycle.
- Plan/Agenda: Plan the whole perspective by which the project will proceed till the end.
- Execute/Implement: Implement the strategy to maximize the outcome
- Control/Monitor: Control the workflow and monitor changes in the Project Life cycle
- Close/Conclude: Closes the whole lifecycle formally with all processes and subtasks.
Agile
Agile, The hot keyword for many of the Project managers out there! Introduced in 2001, The Agile approach is used by 41% of the global market with research showing that 42% of the market is planning to adapt to it.
It is one of the most well-known project management approaches, and it is ideally suited for iterative and incremental projects. It is a form of process in which self-organizing and cross-functional teams and their customers work together to develop requests and solutions.
Agile was created as a response to the shortcomings of the Waterfall technique (more on that later), whose processes failed to satisfy the needs of the software industry’s highly competitive and continual mobility. For more on Agile, check out our Agile Project Management Blog.
Scrum
Scrum is considered as the best Agile Framework when opting for project management, It consists of all the essential components which make up the scrum approach most feasible when choosing Agile.
Commitment, courage, concentration, openness, and respect are the five values that makeup Scrum. Its purpose is to use collaboration, accountability, and iterative progress to design, deliver, and sustain complex products. Scrum differs from other agile project management approaches in that it uses specific roles, events, and artifacts to operate.
Scrum framework is gaining its demand as most of the stats show that Scrum increases the Project Success rate by 62%. PMI offers several Scrum certifications to help project managers achieve the best products.
Lean
The lean approach encourages companies to maximize customer value while reducing waste. Its goal is to provide more value to customers while utilizing fewer resources. Its ideals, which are derived from the Japanese manufacturing industry, assume that “when waste is removed, quality increases while production time and cost are decreased.”
The Lean Project management approach is composed of the 3Ms of identifying waste and maximizing the Outcomes. Those three Ms are Muda, Muri, and Mura.
- Muda is a term used to describe actions that consume resources without adding value.
- Muri denotes excessive utilization of equipment or workers, whereas,
- Mura denotes operational “imbalance,” which reduces long-term efficiency and production.
Waterfall
The waterfall is a linear, sequential design technique in which progress falls downwards in one direction — like a waterfall — and is one of the most conventional project management methodologies. Waterfall approach focus on the Complete and move principle with less ways of reconsidering newer problems and risks. Its lack of flexibility in design adjustments in the early phases of the development process is attributable to its becoming exorbitantly more expensive due to its structured physical environments, which originated in the manufacturing and construction industries.
Kanban
The Kanban methodology is a visual approach to project management. Meaning ‘Sign’ in Japanese, The Kanban technique was developed in the 1940s, It is another well-known Agile methodology that, like Scrum, emphasizes early releases and collaborative, self-managing teams. A visual strategy attempts to offer high-quality products by painting a picture of the workflow process so that bottlenecks may be discovered early in the development process. It was produced on the production line of Toyota factories.
Six Sigma
Developed by the smartphone giant Motorola in the late 1980s, The Six Sigma strategy is made up of 5 major principles which ensure the quality of the Business and assist in reducing defects in the Project management cycle. These are the 5 key principles of 6 Sigma:
- Focus the client
- Measure Different working Areas
- Refactor Defects
- Continue progression
- Control the Ecosystem of the Project
Conclusion
Most of the Approaches are versatile, as project managers tend to choose the best technique depending upon the requirements of the project. Each of the Techniques has its pros and cons when applied to the real-world scenario. What factors do you consider while deciding on a project management methodology? Please share your ideas in the comments section below.
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