7 Best Project Management Methodologies to Skyrocket Your Business
Handling projects in an efficient manner is a sure shot recipe for business victory in today’s age! The modern business leader relies on a variety of diverse project management methodologies that help them to optimize project in a highly competitive corporate arena.
Choosing the right project management methodologies is absolutely critical to business outcomes – it can make or break your organization’s commercial success!
But with a market flooded with a myriad of project management software, how do you choose the perfect one which will help you increase your organization’s bottom line results? It’s no doubt a tough choice and one that needs to be taken with careful deliberation.
Let’s have a look at some of the most popular project management methodologies for your company:
Agile –
Let’s start with a buzzing favorite – Agile. For projects that require speed and flexibility, Agile is the absolutely best Project Management Methodologies to implement. Being agile helps project teams respond to unpredictability through slow incremental techniques. It focuses on adapting to changing project situations; thereby it is ideal for slightly smaller projects with drastic shifts in team task assignments.
So basically in agile projects, there are a series of tasks that are introduced, executed and adapted to as the current situation demands – its high responsiveness to change is ideal for the dynamic business arena!
Waterfall –
This revolutionary Project Management Methodologies follows a classic, simple approach – make a good plan and then execute it in one single go! Also known as software development life cycle, Waterfall methodology comprises static phases which streamline processes such as development, quality assurance, and project completion.
Complete project requirements are demarcated right at the beginning of the project, and then work processes cascade down-just like water flow down a waterfall!The outcome of one project phase acts as the sequential input for the next phase, forming a reliable chain of events.
Commonly used in major industry sectors, the waterfall methodology is a largely preferred due to its simplistic and logical approach that leads to open source project management smoothly.
Scrum –
This is a great Project Management Methodologies that focuses on delivering results through better functional efficiency and process regulation. Named after Rugby, Scrum is a highly interactive framework and believes in assigning ‘scrum sessions’ or prioritized tasks for successful project completion.
Teams that switch to this methodology benefit immensely from better communication, higher productivity, and work optimization. Scrum is facilitated by a Scrum Master – a leader who periodically reviews and controls project tasks to ensure the team is continuously performing. This wonderful methodology is a boon for people projects that majorly depend on team coordination, and can align them to end goals!
Six Sigma –
Pioneered by Motorola, Six Sigma is a data-centric and process-driven Project Management Methodologies that believes in the complete elimination of defects. This project methodology believes in a simple concept – remove any non-conformity in product/service specifications – thereby enhancing standardization. It follows a universal process that can be explained through the acronym – DMAIC-S, which elaborates into Define, Measure, Analyze, Improve, Control, and when it is done, there will be tremendous Synergy throughout the organization.
So, companies that want to remove waste in their project management processes and focus on quality project management, Six Sigma should be your target instrument of choice!
Kanban–
A visual display Project Management Methodologies technique – Kanban works efficiently for small, diverse project teams that are co-located. Its strength lies in its flexibility, as it gently reminds project members of what is essential. Managers use sticky boards and Kanban charts to display priority tasks, workflow processes, lead time and work-in-progress.
It is surely the best method for operational environments that require a steady production, as it helps improve quality levels, save time and cost, thereby increasing the bottom line results of any organization exponentially!
Related Article: Complete Collection: Top 10 Project Management Software in the USA
Prince2 –
This broad collection of practices has been used extensively, primarily by the UK Government as a Project Management Methodologies that comprehensively evaluates project tasks and processes. This transformational technique divides the project into a number of stages, clearly defining the inputs and outputs for each level.
A process-oriented approach – Prince2 is operated by a multi-functional project board that is responsible for ownership of project outcomes. An incredible methodology that outlines what will be delivered, project viability and role definitions, Prince2 is a sure shot winner for any kind of business organization!
Critical Path Method–
Resources are at the crux of successful Project Management Methodologies, and the critical path method makes sure that your organization is geared towards solving resource needs efficiently! Each project is divided into a set of core activities, known as a critical chain which is responsible for the minimum time deadline for task completion.
This methodology believes in providing adequate resources to each set of activities and enables them to run concurrently to minimize the total time taken for unified project execution. It’s an ideal setup for any project that needs to identify critical activities in a resource-intensive environment as it provides a fast turnaround, thereby speeding up your victory rate!
Leverage the power of these project management methodologies to fast track your business on to the path of success – change the way your project teams deliver their results positively!
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