Project management includes planning and organisation of an organisation’s particular task, duty or event towards the accomplishment. Often, project management is associated with the construction, engineering and business field which have a sophisticated set of elements that have to be accomplished and assembled within a structured manner in order to develop a functioning product. A methodology is considered as a framework, which is employed by project managers to design, plan, implement and achieve their project objectives in an effective manner. For achieving planned results and goals within the defined time and cost, a project manager carries out an effective project development. Regardless of which trade or field, there are a number of assortments of methodologies in order to help the managers at each stage of a project lifecycle.
Types of project management methodologies
There many types of project management methodologies that have been developed for meeting the significant needs of particular project types or industries. Following are some of the project management methodologies which are often used by organisations or individuals to develop a project in an effective and structured manner:
- Waterfall: This is considered as a similar method to traditional project management but consists of the caveat that every single task needs to be accomplished before the next one begins. The steps are linear and progress flows within a single direction just like a waterfall. As attention to task sequences and deadlines are essentials in this project management methodology.
- Agile methodology: It is frequently used in the Information Technology (IT) industry. This methodology is considered as an iterative process that is primarily focused on the continuous improvement and monitoring of the project deliverables. It primarily aims to provide high-quality deliverables that increase customer value and team interactions. Unlike the waterfall model, it does not follow a linear model, all the phases of the project are accomplished in parallel to each other with a number of team members within an organisation. Agile methodology can effectively identify and rectify the errors without restarting the complete procedure.
- Lean project methodology: This project development methodology is used to avoid waste in terms of time and resources. The primary aim of this methodology is to create more value for clients with less number of resources.
- PRINCE 2: This methodology is considered as the widely adopted project management methodology which is used by the organisations and people from massive ranging sectors and industries. It is a flexible approach which guides the project manager through essentials in order to manage successful projects.