Top 5 Project Management Methodologies for 2024

Project Management Methodologies

Project management methodologies are not a new topic. It evolved soon after working on projects started in the business. This means the root is very old and thus in the due course of time, several methods were identified. These methods were used based on the cost, people strength, time availability, and nature of the project itself. Becoming a PM cannot happen overnight and it requires practice along with thorough experience. Not everyone can gain experience and hence training is offered to provide the skills to become a PM. You can make use of those training to gain insight into managing projects.

In this blog let us see some of the significant techniques and how they can help PMs to handle the team and project for a winning outcome. Take this opportunity to understand the basics before you register for a course.

Also Read: Configuration Management Activities in PMP

Top 5 Project Management Methodologies in the List

project management methodologies

There are close to 9000 techniques used across the globe to manage the project and we will discuss the very few but most effective ones here.

1. Traditional – the oldest way in which every stage of the work is completed in the order starting from getting the requirement, analyzing them, designing, developing, testing, and deploying followed by maintenance. The flow is in the same order and cannot be reversed and you can imagine this as a flow of water in a fall. Here the PM will have no chance to review or reverse any step and if there is any flaw identified it is only at the end and the entire process has to be worked again. Looking at this drawback in this project methodology the very famous agile methodology came into action. However, still, it is used in an organization where there are no major changes in the work and results are monotonous.

2. Agile or Scrum – Even though scrum is one of the frameworks discussed in agile this Project management methodologies have become synonymous with agile due to the robust way in which it is working. Yes, in the agile method the work is done in parallel which means at every stage a review is done we call it iteration and thus it gives room for correction, saves time, and costs more effectively. The work is split into sprints to be completed from 2 to 4 weeks and every sprint review meeting the customer is part of it to check if the flow is in line with their expectation. Every dynamic project should make use of this project management methodology.

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3. Scrumban – Again there is a combination of 2 methods in this namely the Scrum and the Kan(ban). Kanban is the method in which everything is visible to all stakeholders and things are posted on the board allowing the team to pick the chosen work based on priority and their workload. On the other hand scrum works on a sprint model thus Scrumban will follow a time-bound model like scrum with items displayed on the board like Kanban to restrict the work in progress making it an efficient technique. When a project management professional prefers a visual glance of the project and getting things done sticking to time scrumban is the solution.

Also Read: Project Management Terms and Definitions

4. Lean and Six sigma - The origin of this method is from the manufacturing setup where Toyota company followed in their production process. The main focus here is to take the value to the maximum and reduce waste to almost zero. Here the waste is just not physical but the practices that hamper the management process. This is referred to as 3Ms and the wastefulness(Mudra), unevenness(Mura), and the impossible(Muri). This is effective when the team is trying to improve the process and provide value addition to the client. Also, waste cutting is done concurrently optimizing the flow. Lean becomes more efficient when combined with its principles namely the DMAIC which is the core mantra of the six sigma management technique. Defining, measuring, analyzing, improving, and controlling. Lean reduces the waste and six-sigma focus on process reduction and the combination is called Lean Six Sigma project management methodologies

5. PRINCE2 - PRojects IN Controlled Environment methodology is used by PMs to manage projects proficiently. It uses 7 principles which are nothing but processes to be followed by the PM for managing projects.

Also Read: History of Agile Methodology

PMP

Having spoken about many methodologies we now want to touch-base on PMP. It is not a methodology by itself but the best practice guide offered by PMI institute with a PMBOK book. When you attend a PMP course that will help you with the best guiding principles to handle any kind of project efficiently by making the team work to its fullest. The PMP certification training is focused on teaching the best practices collected from across different project management methodologies to bring out the best from the PM to meet the business goal.

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Remember one thing that choosing the right method is the key to successful project delivery Management and being a PM you own this decision and learn the best practices to provide detailed insight to your business to take them to reach their goal.

Also Read: What is Adaptive Project Framework?

Final Thoughts

We have walked you through some project methods to give you an understanding of how they are different from each other. Also, we helped you understand to choose the right one for your project based on your company goal, budget, people, and time availability. Register for a PMP certification online course to practically implement many project management techniques and get well versed to become the chief commander in your team to take the project to success from the scratch.

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