Project Management Methodology: Definition and Examples
Introduction
Without a doubt, a properly chosen and strictly followed methodology of managing a project is the guarantee that the project will be accomplished on time, under budget and as per specification. Project management (PM) methodology should be followed to avoid failure and reduce risks, because it is one of the critical success factors as well as the core competency of the management staff. A suitable PM methodology is also the direct way to guide the project team through developing and implementing activities and tasks in well-defined phases of the project implementation life-cycle.
In this article we are going to talk about the definition and examples of project management methodology. We also give a list of some methodology examples. The key idea behind the article is to help the reader to understand the term “PM methodology”. Please feel free to leave your suggestions and comments in the end of the article. Thanks.
Before We Go…
Project management is the art of planning, doing and delivering projects of any kind, size, nature and type. In order to manage a project, a manager needs to use some set of rules and standards that determine how to do things within and across the project in the proper way. It actually means there should be a systematic approach to project management. Such an approach is called “project management methodology”.
The term “PM methodology” was first announced in the early 1960s when various business organizations began to look for effective ways that could simplify realization of business benefits and organize work into a structured entry which was called “project”. Communication and collaboration were the key criteria for establishing productive work relationships between teams and departments of an organization.
Since that time, the term has been changed and modified many times, new definitions have been created, new elements and functions have been added. Today we consider a project management methodology as a set of tools to manage a project having a definite beginning and end, throughout the continuous implementation process till successful completion and termination. Below we give the common and current definition of PM methodology.
Definition
A methodology for managing a project is a strictly defined combination of logically related methods and step-by-step techniques for successful planning, control and delivery of the project. It is a scientifically-proven, systematic and disciplined approach to project development and implementation. The purpose of a PM methodology is to allow for controlling the entire project management process while ensuring the success of current technologies and business goals. Typically a methodology in project management describes every step in depth, so that a project manager will know what he or she will need to do in order to deliver and implement the project under budget, on time and with saved effort.
The given definition proves that because the лун idea behind any project management methodology consists in achieving a high degree of project control and supervision throughout the implementation life-cycle, potential “project mismanagement” can be prevented and the trust of the project participants can be gained. PM methodologies allow implementing efficient approaches and techniques to create successful solutions based upon the effective processes of decision making and problem solving. Referring to the mentioned definition, an appropriately chosen methodology paves the way for gaining the following achievements:
- Team members clearly understand what’s expected to produce
- A common “project language” is established and understood by every team member
- Cost estimates are complete and accurate
- Executives track progress objectively
- Every task is done using a common methodological approach
- Major initiatives are done
- Most conflicts are spotted and resolved early
- Lessons are learned, so typical problems are avoided in the future endeavors and solutions are quickly implemented.
Traditional PM Approach
Usually project management methodologies allow using milestone-based planning and iteration-based processes to do projects as expected. Specialized project methodologies may use different approaches. For example, IT PM methodologies mostly use the popular Waterfall and Spiral models to meet needs of software development projects. There are also the PRINCE2 methodology, the Scrum methodology, the RUP approach, others.
Meanwhile, there’s a traditional approach to managing typical projects. The so-called “traditional project management approach” includes five key phases of the development and implementation process. These phases are:
- Initiation
- Planning
- Execution
- Control
- Closure
The traditional approach entails achieving the flexibility in planning and reaching deadlines and provides the benefits of control and effective team building. The following core processes determine success of the project methodology:
- Decision Making
- Performance Measuring
- Control and Monitoring
- Quality Assurance
- Delivery
- Acceptance
Examples
The world of project management includes a wide range of methodologies and unique approaches. It is the matter of a project’s type, size and nature to choose the proper methodology. Here’re popular PM methodologies:
- PMBOK. Although A Guide to the Project Management Body of Knowledge IS NOT a PM methodology in its “pure state”, many people regard it as the way to plan, execute, control and terminate various projects. PMBOK is an inventory of the ideas on planning and implementing projects. Please note that and do not use the term “PM methodology” when talking about PMBOK. It’s just a guide but not a methodology.
- PRINCE2. PRojects IN Controlled Environments 2 (PRINCE2) presents a suite of process-driven methods and documentation-oriented approaches that allow driving various large projects. Learn more about PRINCE2
- Six Sigma. It is one of the most popular and worldwide trusted PM methodologies. Six Sigma offers a unique approach for ensuring the accuracy and speed of a process’s implementation through eliminating or minimizing waste and defects.
- CCPM. Critical Chain Project Management is the way to plan, implement and review various projects in single- and multi-project environments. This methodology uses Theory of Constraints (TOC) and the concept of buffers to establish improved task durations and manage resource-dependent tasks and activities.