Project management techniques are required to list the steps involved in a project and how to accomplish each step in order to achieve the final goal. In this article, we’re going to discuss five project management methodologies that are available in the market at present and used by various organizations.
1) Agile Methodology
Agile is one of the most widely used project management methodologies in the market right now. One of the main reasons why it is popular is its ‘sprint principle’. In this, changes can be made to the plan at any stage. The client or the development team can suggest the changes if any, and it can be implemented in the main plan. This provides flexibility to the developers especially when working on large-scale projects. Another important feature of Agile is that it contains teams that consist of few members. This helps team members to plan and work well. The meetings that are held in organizations that follow Agile methodology are also short. It lasts for less than 10 minutes wherein the team only discusses three concepts – how much work was done? What’s the next step? What are the possible hurdles in the next step?
PRINCE stands for PRojects IN Controlled Environments. It was initially used for government projects and later adopted into the private sector. The principles of PRINCE2 are standard such that it can be implemented in any organization around the world. The position and the description of each position are clearly defined in order to avoid confusions in the process. The core plan is divided into smaller plans in order to get the work done faster.
3) Waterfall Methodology
This is one of the oldest project management techniques that is used in the software development and other types of IT projects. Waterfall method uses a sequential form of getting things done. All the tasks that are required for a project like planning, development, quality and testing, and maintenance are all listed in a sequence. In this, each task is listed with the start date and end date of each task. At times, a Gantt chart is used to list the activities. This is a very rigid plan and is never altered till the completion of the project unless it is absolutely necessary to do so.
PRiSM stands for PRojects integrating Sustainable Methods. This project management methodology is mainly used in real-estate and other large-scale projects. It considers environmental factors when working on various projects and the methods suggested by PRiSM can be easily used in large-scale projects. One of the important factors of this methodology is that it gives due credit to the project managers who are actively working on the project. The principles that are followed by PRiSM helps organisations to achieve their goals by sustainable management principles and also have the least amount of negative impact on the environment.
5) Critical Chain Methodology
In most of the conventional methods of project management, the time estimated is very large as compared to the actual time required to complete the project. This is called ‘safety time’ and can extend the delivery date further. In critical chain methodology, the estimated time required to complete the task is cut in half. The core components of a project are known as the critical chain and this methodology ensures that the maximum resources are allocated to this critical chain while other processes get sufficient resources as well. This methodology also uses 3 buffers to allocate time and resources efficiently. These are:
• Project buffer: It is fixed between the last task and the project completion date. If the tasks in the critical chain are delayed due to any reason, they can utilize this buffer in order to complete the task on time. The time stored in this buffer is the half of the time cut from each of the tasks in the beginning.
• Feeding buffer: These buffers are fixed between the last non-critical task and the first critical task. This is done so that the delays in the non-critical tasks does not have an effect on the critical tasks. The time in the buffer is calculated similar to project buffer.
• Resource buffer: In order to ensure that the tasks in the critical chain have ample resources to complete the task, resource buffers are fixed alongside critical chain tasks.
The type of project management methodology used by an organization depends on the nature of the organization. It is not necessary that the project management technique that works well for a particular organization should be successful for another organization as well.