7 Common Project Management Methodologies

Project Management methodologies

Look at any successful project and you’ll likely find a great team behind it. In addition, another important factor would be that the right project management methodology was selected to deliver the project. 

Much like building a house on unstable ground, a project is doomed to fall apart if the wrong management method is chosen. Fortunately, there are several common methods to explore, each one suited for various types of projects or environments. 

Common Project Management Methods

There are numerous project management methodologies, with new ones being developed all the time. Keep in mind this list isn’t exhaustive, and that there could be a project management method out there that’s an even better fit. That being said, here are the seven most common project management methodologies. 

Waterfall Project Management

When it comes to project management, waterfall is considered to be pretty oldschool by many. This method involves completing projects in stages that are reliant upon the previous step. 

This allows a team to dedicate all their attention on one thing at a time, but it also results in other teams waiting on the previous step to be completed. This can create a backlog or cause huge holdups, especially when it comes to software development. 

Agile Management 

Agile project management

Agile is about as far from waterfall management as it gets, as it emphasizes speed above all. While agile management isn’t an exact methodology, it is a guiding ethos for several other popular methods. Each of these agile offshoots focuses on speed and the ability to quickly pivot when necessary. 

Kanban 

Kanban is a type of agile management that focuses on efficiency. This efficiency is accomplished by looking at tasks and figuring out ways to streamline them. That, or if the task is necessary at all. This method is often used in factories or other consistent output-based environments, as you can easily streamline a process in these settings. 

Scrum

Scrum is another agile project management method. Unlike Kanban, Scrum’s all about speed and adaptability. To make this happen, Scrum often involves breaking projects into chunks, each tackled by small teams. These teams tackle their microprojects in short cycles known as sprints. After a sprint the teams all come together to see what worked, what didn’t, and decide if anything needs to be changed. 

The speed and adaptability of Scrum makes it great for software development. 

Lean management

Lean is a lot like Kanban in that it emphasizes efficiency. Where it differs is that it’s concerned more with the customer, not what happens behind the scenes. Kanban is used to figure out how a process can be made more efficient for the customer without hurting the overall experience. This makes it a great choice for retail outlets or other customer-facing businesses. 

Six Sigma Management

The Six Sigma method, while usable on its own, is often used after other methods. Six Sigma examines how the quality of the output can be improved, not how things can be faster and more efficient. This emphasis on quality makes Six Sigma a natural followup to a Lean or Kanban session, as those two styles can sometimes result in a less than satisfactory output.  

PRINCE2 Management 

PRINCE2 management is a detail-oriented style that looks at risk and efficiency over everything else. This incredibly scrutinous style is commonly used by private sector groups and governments, as it places safety and risk mitigation at the top of the priority list. 

Finding a Project Management Style that Fits

The pressure to pick the right project management methodology can be large, especially in the early stages of planning. Because so much of a project’s success rides on the method chosen, it’s important that you take your time and carefully research and evaluate your options.

To help you make the right choice, Fundera has created this helpful animation on project management methodologies. With the information of this guide and some additional careful research, your next project can be started on the right foot and find success!

Animated Infographic with compliments from Fundera

Project management methodologies

About Fundera:

Fundera is the go-to financial resource for small business—helping you to achieve your financial goals, and grow your business. 

print

One thought on “7 Common Project Management Methodologies

Comments are closed.