source: www.manageprojectsonsharepoint.com

Is project management really a conundrum of almost every project manager? Well, experts say not for those who know to bring key project management methodologies to their advantage. A cutting-edge project management methodology is designed to assist project managers in flawlessly dealing with problems and ensuring timely completion.

Moreover, a project management methodology allows project managers to set different tasks to complete a project and manage ad-hoc resources as and when the need arises.

Usually, there are five processes in a project management methodology

• Initiate
• Plan
• Execute
• Monitor
• Close

An organization that takes the responsibility of completing a project for a customer has to deploy a project manager, right resources and a capable team to ensure the same. Therefore, a project management methodology acts nothing less than a saviour for a project manager who is responsible for the entire project in the end. In this blog, I am discussing the five most popular project management methodologies: PRINCE2, Scrum, Waterfall, NPI and RAD.

Let’s begin!

PRINCE2 (An acronym for PRojects IN Controlled Environments)

PRINCE2 is a process-based project management method and is widely used by the UK government and private sector world over. The methodology has become immensely popular for delivering quality results within the stipulated period of time.

                                                                      source: scilsng.com

You must be asking how a project manager meets the end-goal of completing a project in time using PRINCE2. Pay attention to key features of PRINCE2 below:

• Enables effective product-based planning and communication
• Fit for any kind of project
• Defines roles and responsibilities
• Gives rise to consistency
• Hassle-free monitoring
• Opens gates for learning
• Results-oriented not task-oriented

PRINCE2 makes it easier to decide who are the right people to take on your project and what tasks they are supposed to perform to complete the project. Besides, the method enhances risk management ability, managing quality and control changes on the project.

SCRUM

Let’s talk about the second project management methodology called Scrum. It’s the best methodology that fits for projects free of budget constraints and requires a team that takes one project at one time. A dedicated team means more focus and effective communication. The project manager is called Scrum Master in this process.  

Key features of Scrum:

• Gives rise to the high visibility of project
• Cross-functional, self-organising teams
• Early identification of problems
• High productivity
• Timely response to change
• Enhanced communication
• Easy project assessment
• Predictable schedule to ensure timely delivery of project

Waterfall

The waterfall is a popular project management methodology in most industries in general, construction in particular. The waterfall is simple to understand and use. It requires completion of one phase before going ahead with the second one. After each phase, a review is conducted to ensure that the project is on the right path, which helps remove discrepancies and take necessary actions.

Benefits of Waterfall:

• Simple and easy to use
• Management ease due to the review process and specific deliverables in each phase
• One phase at one time
• Ideal for projects that involve physical objects, like buildings or computers
• Easy to replicate project plans for future use
• Allows to visually see and communicate a target delivery
• Easy forward and back planning to ensure timely completion of a project

NPI (New Product Introduction)

NPI is a process that businesses and companies use for products. NPI helps managers figure out effective ways to develop products as per customer requirements and bring them in the market. NPI is highly useful for companies that are looking forward to responding to customer requirements and market demands.

source: www.almengineeringsolutions.co.uk

Advantages of using NPI:

• Automates task
• Removes performance bottlenecks
• Gives rise to consistent execution and continuous improvement
• Gives management visibility
• Allows to introduce products on time
• Standardize format and attributes for different deliverables
• Initiates company specific new product introduction process

RAD (RAPID Application Development)

RAD is often referred to as the conventional Waterfall and is used for rapid development of products. RAD is mostly used for software development and has very less to do with planning tasks since the entire focus is on development. RAD allows making subsequent improvements and adjustments as a project progresses in an enterprise application development company.   

Advantages of RAD:

• Faster delivery time
• High quality
• Improves flexibility and adaptability to changes
• Highly efficient to handle big-size projects
• Reduces project risk
• Helps incorporate short development cycles
• Low cost
• Low maintenance

All the above-discussed project management methodologies have their own advantages. Before you choose a project management methodology, you must have a clear understanding of your business requirements and functioning of various project management methodologies.

If you have ever used a project management methodology and have additional inputs about project management tools and techniques, please add them in the comment box below.