If you're new to Project Management. the number of different methodologies (and acronyms) can be mind-boggling. We've broken 14 common project management methodologies into bite-sized pieces to help you choose the best approach for your next project
1. ADAPTIVE PROJECT FRAMEWORK (APE): Improves the project at every Stage by learning from the previous stage's results. By defining project goals and regularly reviewing project scope, managers can deliver the highest possible business value for the customer.
2. AGILE: Adapts to change, capitalizes on trends, and creates a dynamic team through collaboration and flexibility. Stakeholders review the project at each Stage so teams tan make the right adjustments, treating high-quality products that meet customer need.
3.BENEFITS REALIZATION: Defines success as achieving a desired benefit. If clients Want to increase sales by 15% and hire you to develop new CRM software, the project isn't complete until sales are up - even if you deliver the desired CRM on time and within budget.
4. CRITICAL CHAIN PROJECT MANAGEMENT (CCPM): Avoids project delays by identifying a "critical chain' of tasks, reserving resources for those tasks. Since schedules are built around resource availability the project timeline may be longer, but there's less chance of missing important deadlines.
5. CRITICAL PATH METHOD (CPM): Determines your project's shortest timeline so you can adjust to shifting deadlines. By identifying the project's most essential tasks, you can estimate completion dates, dependencies, milestones, and deliverable.
6. EVENT CHAIN METHODOLOGY (ECM): Helps recognize and plan for potential risks. Monte Carlo Analysis and Event Chain Diagrams help determine the probability of certain risks and their potential impact. Visualizing the relationship between external events and project tasks helps create realistic plans.
7. EXTREME PROGRAMMING (XP): Features short development cycles, frequent releases, and open communication with stakeholders. Teams focus on collaboration and efficiency, writing the simplest possible code to produce the desired feature, avoiding burnout and low-quality deliverables.
8. KANBAN: Produces a slow and steady stream of deliverables through continuous workflow. Managers often use a whiteboard or sticky notes to represent progress and uncover process problems. By understanding Where time is wasted, teams tan improve productivity
9. LEAN: Delivers high-value, high-quality work with less manpower, money, and time. Lean cuts waste by eliminating bottlenecks, focusing on customer value, and continually improving processes. Use Lean to cut budgets, meet quick deadlines, and get big results with a small team.
10. LEAN SIX SIGMA: Combines Lean's efficiency with Six Sigma's statistics-based process improvement. By defining how work actually gets done, teams eliminate waste and focus on delivering the highest possible value to clients.
11. PRISM INTEGRATING SUSTAINABLEMEIHOOS): Blends project planning with environmental sustainability measures. Want to go green? PRISM is for you. Reduce energy, waste management, and distribution costs, all While reducing your environmental footprint.
12. SCRUM: Emphasizes productivity, focus and collaboration so teams can build high-quality deliverables quickly and adapt to change easily: Teams work in short sprints for maximum efficiency, plus they tan test new iterations quickly and fix mistakes right away.
13. WATERFALL: Breaks projects down into a series of sequential tasks. With clearly defined goals and a set timeline, teams work through tasks in order, completing each one before moving on to the next in line. And extensive planning means accurate timelines and budgets.
14. SIX SIGMA: Improves processes and product quality by reducing defects or bugs. A rating of "six sigma" means that 99.99966% of What's produced is defect-free. By examining the entire production process, you can find possible improvements even before defects appear.