Project Management Methodologies

Project management methods try to make the projects successful. These are the best PM methods out there. Still, each company or individual usually has a different system for keeping track of tasks. That's why you need to know about project management methodologies so that you can understand what project management is all about.

Waterfall

The waterfall is a software development methodology that has been used for decades. It is based on the idea that the product needs to be thoroughly tested before it is released to the market. However, doing so can be costly, time-consuming, and risky.

Waterfall methodologies rely on a sequential approach where all aspects of the software development process are completed before moving on to the next phase. For example, the waterfall model begins with requirements gathering, followed by design, implementation, and testing.

The waterfall model was initially created as an alternative to the agile model, which relies on iterative development. Waterfall methodologies have advantages over agile methods but lack flexibility, speed, and agility in comparison.

Agile

Agile is a software development methodology that relies on a collaborative team of self-organizing and cross-functional teams to deliver working software frequently, with frequent customer involvement. Agile methods are not a specific product or technology but rather an approach to product development that requires the collaboration of individuals and groups.

The agile methodology aims to produce high-quality software that meets business needs faster and more efficiently than traditional approaches.

In general, agile methodologies emphasize the following principles:

• First, individuals and teams are empowered to take full responsibility for their work.
• Working software is delivered frequently (every two weeks).
• Customer collaboration in the form of constant feedback loops from users.
• A high degree of flexibility – allows teams to change direction quickly when they encounter unexpected problems or opportunities.

Scrum

Scrum is a framework for software development. In Scrum, the product owner (the person responsible for communicating and managing how the team works) and the development team (who will build the product) are co-located. Scrum methodology is a framework for developing and sustaining high-quality software products in short sprints or products with any meaningful change.

Scrum is a method for achieving the following:

• Product development did more effectively and efficiently.
• Sustainable success in an ever-changing environment.
• A higher quality product at a lower cost than traditional waterfall methods.
• More innovation from better communication between team members and more collaboration between teams.

Kanban

Kanban Methodology is a proven and tested software development delivery process. It focuses on getting work done, and it's designed to help teams and individuals deliver software faster, more efficiently, and in a way that aligns with business objectives.

Kanban Methodology has three core principles:

• Visualize what you want to achieve. This is known as the "pull" principle.
• Manage work in progress (WIP).
• Visualize flow. Kanban Methodology helps teams visualize how they're completing their tasks, allowing them to make adjustments if necessary.

Six Sigma

Six Sigma is a set of tools and methods that help companies improve the quality and reliability of their products, processes, and services. Six Sigma is driven by the idea that the average defect rate in manufacturing can be reduced to one-sixth or less. To achieve this goal, Six Sigma uses statistical process control (SPC) to reduce defects by identifying trends that can be improved.

Six Sigma's core elements include the following:

Define Quality: The first step in improving quality is to define what quality means for your company. Determining quality involves defining the goals, metrics, and indicators used to measure success.

Measure Quality: Once you have defined what quality means for your organization, you will need to measure your performance against these goals. This may involve collecting data from various sources (e.g., customer surveys) or using statistical analysis techniques (e.g., SPC).

Analyze Data: Once the data has been collected, it must be analyzed to identify and improve trends. Six Sigma offers several methods for analyzing data, including Pareto Analysis and root cause analysis techniques like Failure Mode and Effects Analysis (FMEA) or Failure Mode.

Lean

Lean methodology is a collection of tools, techniques, and processes that help companies to become more agile. The goal of lean methodology is to reduce waste in the business.

The core concepts behind lean methodology include the following:

• Shortening the product development cycle times by eliminating unnecessary activities and steps.
• Minimizing variation through standardized work processes and eliminating batch sizes or lots.
• Focusing on customer value to gain a competitive advantage over other companies.

Critical Chain Management

Critical chain management (CCM) is a method used in project management to determine how much work is needed to complete a task and how long it should take. It uses systematic techniques to control work duration and ensure the charges are conducted in order by minimizing the overall time spent on the project.

Critical chain methodology estimates the amount of work required for each task based on its relative criticality or how much delay will result if it is missed or delayed by one day. The critical path is a list of tasks that need to be completed at specific times to complete the project on time, without delays. If any of these tasks are delayed, they will have been delayed, too.

Critical chain management can be used for both small and large projects; however, it only works well for large projects because there are so many different activities that need to be coordinated together.

PRINCE2

PRINCE2 is a project management methodology for organizations that use the principles and processes of the PRINCE2 Foundation to deliver business value from projects.

PRINCE2 is a generic methodology that can be used by any organization, regardless of industry, size, or complexity. It has been designed to help organizations create sustainable change and improve their performance.

There is no one "best" way to manage projects. And no methodology can guarantee that a project will be successful, done on time, or completed. But how methodologies are implemented does make a difference. So the success of your project is up to you and your ability to implement a practical method and deliver a quality product to your clients.