Top 10 Best Project Management Methodologies

What Is a Project Management Methodology?

Project management methods encompass the principles, tools, and techniques utilized for planning, executing, and overseeing projects. They aid project managers in steering teams and overseeing tasks, fostering collaborative teamwork.

Numerous project management methods exist, each carrying its unique set of strengths and weaknesses. Certain methods shine in particular industries or project categories, necessitating comprehension to determine the most fitting approach.

Let’s with SiSu Freedom and explore some prevalent project management methods applied in domains like software development, research and development (R&D), and product development.

Why are there so many different types of project management methodologies?

No two projects are identical, even when utilizing convenient tools like project templates to replicate past successes.

Considering diverse goals, KPIs, and production methods across various teams and industries, it becomes evident that there’s no universal approach to project management.

What suits one team perfectly might be a disaster for another.

For instance, many software developers discovered that traditional project management methods were impeding their workflows, adversely impacting their performance and outcomes.

Consequently, software teams devised a new project management methodology tailored to address their specific concerns.

Soon, other teams and industries began adapting these new methodologies to suit their unique needs and challenges. This ongoing process led to the repurposing and adaptation of various project management methodologies for different industries and specific use cases.

Consequently, a multitude of project management methodologies now exists. So, how does one determine which project management method (or methods) is suitable for their team?

Top 10 Project Management Methodologies

1. Waterfall Methodology

The Waterfall method stands as a conventional project management approach. It involves completing tasks and phases in a linear, sequential order, where each stage must finish before the subsequent one begins.

Typically, the stages in Waterfall project management adhere to this sequence:

1. Requirements
2. Analysis
3. Design
4. Construction
5. Testing
6. Deployment & maintenance

Progression follows a unidirectional flow, akin to a natural waterfall. However, akin to a real waterfall, this method can become perilous swiftly. As everything is mapped out initially, discrepancies between expectations and reality can lead to substantial errors. Moreover, completed stages cannot be revisited (much like swimming against a waterfall—certainly not enjoyable).

Consider the Waterfall project management methodology if:

• Your project’s end goal is well-defined and unlikely to change.
• Stakeholders possess clear, unchanging expectations.
• The project maintains consistency and predictability without anticipated alterations.
• Your work operates within a regulated industry requiring extensive project tracking or documentation.
• There’s a necessity to swiftly integrate new team members midway through the project.

This project management methodology might not suit your needs if:

• Your project is prone to alterations.
• A complete understanding of all requirements isn’t available before commencement.
• Continuous testing or adapting to feedback throughout the process is essential.

2. Agile Methodology

The agile project management methodology emerged due to mounting dissatisfaction with the linear approach of traditional project management methods.

Facing frustration with methodologies unable to adapt alongside project progress, attention shifted towards more iterative models. These models permitted teams to modify their projects as necessary during the process, diverging from the need to wait until the project’s end for review and amendments.

The concept of agile project management birthed specific sub-frameworks and methodologies like scrum, kanban, and lean. Yet, their shared foundation lies in key principles:

• Emphasizing collaboration.
• Prioritizing speed.
• Welcoming data-driven change.

Hence, agile project management methodologies generally involve brief work phases, interspersed with frequent testing, reevaluation, and adaptation.

In many agile methods, all tasks are cataloged in a backlog, navigated through by teams in each phase or cycle. Project managers or product owners prioritize this backlog, guiding teams on where to focus initially.

Consider the agile project management methodology if:

• Your project is prone to change.
• The solution’s appearance is uncertain at the project’s outset.
• Speedy progress holds more significance than flawless results.
• Stakeholders or clients desire involvement in every stage.

This project management methodology might not suit your needs if:

• Extensive documentation is required (especially for onboarding new team members).
• A predictable deliverable is necessary with clear initial specifications.
• The project must remain unaltered during its duration.
• Self-motivated individuals are lacking.
• Strict adherence to deadlines or specific deliverables is paramount.

3. Lean Methodology

Lean, rooted in manufacturing (particularly the Toyota Production System), stands as another project management methodology. Its core lies in applying lean principles to project management methods to amplify value and minimize waste.

Initially focused on reducing physical waste in manufacturing, lean principles now encompass identifying wasteful practices in project management. These practices are categorized into the 3Ms: muda, mura, and muri.

Muda (wastefulness) involves consuming resources without delivering value to the customer.

Mura (unevenness) arises from overproduction in one area, disrupting other areas, leading to excess inventory or inefficient processes.

Muri (overburden) occurs due to excessive strain on resources like equipment and people, often causing breakdowns.

By embracing lean’s fundamental principles, project managers can trim these wasteful elements to foster more streamlined workflows.

Consider the lean project management methodology if:

• You seek principles to streamline and optimize workflow.
• Continuous improvement and customer value addition are priorities.
• Decreasing overall costs is a primary objective.

This project management methodology might not suit your needs if:

• Running into supply issues or facing critical equipment failures is unacceptable.
• Implementation costs exceed your budget, despite Lean’s aim to reduce overall expenses.
• You harbor an affinity for waste, like a raccoon reveling in it.

4. Scrum Methodology

Scrum represents a facet of agile project management, functioning more like a framework than a standalone project management methodology.

In Scrum, tasks are segmented into brief cycles called “sprints,” typically lasting 1-2 weeks. Each sprint involves selecting work items from the backlog (refer to Agile project management, above).

Small teams, overseen by a Scrum Master (distinct from the project manager), operate throughout the sprint. They subsequently assess their performance in a “sprint retrospective” and implement necessary adjustments before commencing the next sprint.

Consider this project management methodology if:

• Striving for continual enhancement is a priority.

This project management methodology might not suit your needs if:

• Full team commitment, necessary for its success, is lacking.

5. Project Management Body of Knowledge (PMBOK)

The Project Management Institute’s Project Management Book of Knowledge (known as PMI’s PMBOK) doesn’t constitute a standalone project management methodology. Nevertheless, it serves as a compendium of best practices, forming the foundation for the PMI’s Project Management Professional (PMP) certification, a prominent project management credential.

As such, PMBOK embodies an industry-standard compilation of guiding principles. It ensures projects undertaken across diverse teams and organizations adhere to the PMI’s stringent standards and align with best practices.

Consider this project management methodology if:

• You possess or aim to obtain a PMP certification.
• Keeping abreast of industry standards and best practices is a priority.
• Your work environment recognizes the PMP as the primary project management qualification (e.g., the US).

This project management methodology might not suit your needs if:

• You require a robust project management methodology specifically tailored to project mapping rather than generalized (albeit beneficial) project management knowledge.

6. Critical Path Method (CPM)

In the critical path method (CPM), you construct a project model encompassing all activities outlined in a work breakdown structure. This entails detailing task durations, and task dependencies, and marking milestones that denote significant project phases or delivery points.

This comprehensive data allows for the identification of the longest task sequence, known as the critical path. Monitoring tasks within this critical path is crucial because any delay in these tasks could potentially lead to a project delay.

CPM is most effective for smaller or mid-sized projects. As projects grow larger, it becomes increasingly challenging to organize and interpret all the required data without the aid of project management software.

7. Critical Chain Project Management (CCPM)

You’re focusing on the resources necessary for project completion, including teams, equipment, office space, and more. This approach to project management, known as Critical Chain Project Management (CCPM), places less emphasis on task sequencing or schedules, prioritizing instead the balance and flexibility of resources.

CCPM is adaptable to both large and small companies, spanning industries like construction, software development, and tech research and development.

This method, rooted in Dr. Goldratt’s Theory of Constraints (TOC), is implemented after the initial project schedule establishment, considering task interdependencies. The evolved critical path is then reconfigured based on the Critical Chain Method. This approach operates under certain task-related assumptions:

• Tasks inherently contain uncertainty.
• Task durations are often intentionally overestimated by team members or task owners to incorporate a safety margin, ensuring task completion within the allotted time frame.
• Generally, tasks should not consume the entire allocated duration (including the safety margin) and ought to be completed earlier.
• However, any saved time from early task completion cannot always accelerate the subsequent task due to resource availability constraints.
• Delays beyond the estimated schedules tend to escalate project timelines significantly.

These constraints drive the methodology of CCPM, reshaping project management strategies to accommodate uncertainties and optimize resource utilization.

8. Kanban Methodology

Kanban, a method within agile project management, originates from manufacturing but has evolved into a framework where tasks are visually tracked as they move across columns on a Kanban board. This board represents stages in the process, with work continuously pulled from a predefined backlog based on team capacity.

Kanban offers an immediate visual snapshot of task status, aiding various processes like content marketing or recruitment. It helps identify potential bottlenecks, highlighting areas needing attention when columns show congestion.

In agile project management, implementing work-in-progress (WIP) limits is common. These caps restrict active tasks, promoting focused attention and enhancing productivity by preventing task overload.

Consider this project management methodology if:

• Visual tracking of project progress is important.
• At-a-glance updates are preferred.
• Encouraging focus through WIP limits is desired.
• A continuous “pull” approach suits your workflow.

This project management methodology might not suit your needs if:

• Your process is exceedingly complex or involves numerous stages.
• You prefer a “push” system over a “pull” system.

9. Extreme Programming (XP)

The eXtreme Programming (XP) methodology, a subset of agile project management tailored for software development, prioritizes teamwork and collaboration among managers, customers, and developers. It promotes self-organizing teams and adheres to a defined set of rules based on five core values: simplicity, communication (preferring face-to-face interactions), feedback, respect, and courage.

Consider this project management methodology if:

• Nurturing teamwork and collaboration is a priority.
• You have a small, closely situated team.

This project management methodology might not suit your needs if:

• You tend to disregard established rules.
• Your team is scattered across different places and time zones.

10. Six Sigma

Six Sigma serves as a process improvement method that prioritizes consistent output and top-notch quality. Different variants, including Lean Six Sigma and Agile Sigma, revolve around this business methodology, aiming to eliminate defects and reduce variation through defined methodologies.

These methods optimize existing processes or create new ones. For process enhancement, the Six Sigma DMAIC process—Define, Measure, Analyze, Improve, Control—is used. Meanwhile, the Six Sigma DMADV process—Define, Measure, Analyze, Design, Verify—is employed for new processes or products.

Consider this approach if:

• You seek a universal set of principles adaptable to various projects and organizations.

This approach might not suit your needs if:

• Budget constraints hinder investment in training and certification, as it can be expensive.
• You require a specific, outlined process for a particular project rather than guiding principles.

Project Manager Works with Any Project Management Methodology

There’s a multitude of management methods, nearly as many as there are projects. However, they all share a common goal: ensuring timely and budget-conscious delivery of project deliverables. Regardless of the chosen project management methodology, ProjectManager is the singular software essential for achieving this goal.

Tools for Waterfall Project Management

The Waterfall approach is systematic and sequential, with each step following the next in a pre-planned manner. No issues there. With ProjectManager’s online Gantt chart, you can easily initiate a new project by importing your task list. Assign due dates, and the tasks automatically populate a timeline. Establish links between dependent tasks to prevent bottlenecks. Create milestones to divide the project into distinct phases. You maintain full control over the project, managing it step by step.

Tools for Agile Project Management

While Gantt charts might not be as beneficial for agile frameworks, ProjectManager offers versatility to cater to scrum teams with various project views.

Utilize the Kanban view to outline your sprint. Collect product backlogs on cards, enabling scrum teams to prioritize user stories. This prioritization guides teams on which tasks to address first. Afterward, the sprint can be archived, allowing teams to conduct a retrospective and learn from errors to enhance the process.

Multiple Views for Diverse Teams

Consider a scenario where your organization comprises diverse divisions, some operating within an agile project management framework and others adhering to a more traditional waterfall methodology. The advantage of ProjectManager lies in its capability to seamlessly transition between different views, accommodating IT teams with a Kanban board for scrum sprints while providing managers with a Gantt chart for comprehensive project planning on a larger scale.

With real-time dashboards and reporting features, ProjectManager consolidates data and analyzes statistics uniformly. Regardless of the project management method employed, it tracks and presents the same results consistently.

How to Choose a Project Management Methodology

When choosing a strategy, the key decision often involves choosing between a waterfall model, an agile model, or a hybrid approach, each of which meets the specific requirements of the project or team.

To determine the most appropriate project management method, consider the following factors:

1. Industry standards: What methods are common practice in your industry?
2. Project complexity: How complex is the project?
3. Group size: What is the size of the group?
4. Stakeholder engagement: How many stakeholders are involved?
5. Company and team capabilities: Which methods match the company and team capabilities?
6. Success metrics: What metrics and documents are important to the success and compliance of the project, team, company or industry?
7. Costs and Budget: What is the budget size ($ to $$$) and is there any room for adjustment?
8. Risk tolerance: Is this a high-impact project that requires meticulous management, or is there more time to explore?
9. Flexibility: Is there flexibility to change the project scope or final product?
10. Timeline: Is there a strict timeline or is there an emphasis on achieving clear results regardless of duration?
11. Customer/stakeholder collaboration: What level of involvement does the customer or stakeholder want or need in this process?

SiSu Freedom hopes these considerations can assist in making informed decisions about the right project management approach for your team or project.

Other Project Management Methodologies

Since the mid-to-late 1990s, the agile movement has spawned numerous distinctive methodologies across software development and other industries. Some of these include:

• Rapid Action Development
• PRINCE2
• Rational Unified Process
• PRiSM
• Integrated Project Management
• PERT
• Spiral
• Feature Driven Development (FDD)
• Adaptive Project Framework (APF)
• New Product Introduction (NPI)
• Package Enabled Reengineering (PER)
• Outcome Mapping

Each of these methodologies offers variations on popular methods, presenting their unique approach within the agile model. They tend to cater to specific industries or team types.

Frequently Asked Questions (FAQs)

What are the best project management tools and software?

We assessed various project management software based on criteria such as user-friendliness, cost-effectiveness, customer support, and unique features.

Wrike emerged as our top pick due to its versatility, catering to companies and teams of all scales. Notably, renowned companies like Airbnb, Google, and Dell rely on Wrike to support their project managers. Wrike stands out for its customization options in creating workflows, interactive chart-based timelines, comprehensive reporting, and real-time visual progress tracking across all projects.

Additionally, other highly-rated project management tools include Asana, Monday, and HighGear.

What project management methodology allows some of the phases and tasks to overlap?

The project management methodology known as “Agile” or “Agile Project Management” permits overlapping of certain phases and tasks. Agile is a flexible and iterative approach to project management that typically divides work into “Sprints,” defined as time-bound periods. During each Sprint, cross-functional teams engage in diverse tasks and features, allowing for some simultaneous progress across different project phases.

What is the difference between agile and scrum?

Agile stands as a comprehensive project management philosophy highlighting adaptability, teamwork, and customer input. In contrast, Scrum operates as a distinct Agile framework. Scrum incorporates specific roles (Scrum Master, Product Owner, Development Team), fixed-duration sprints, and defined ceremonies (Sprint Planning, Daily Standup, Sprint Review, Sprint Retrospective) to steer project teams. It also encompasses essential artifacts such as the Product Backlog, Sprint Backlog, and Increment.

What are project life cycle models?

A project’s life cycle encompasses its entire journey from planning to delivery, spanning each phase of the process. Project life cycle models represent diverse project planning methodologies, outlining the activities within each phase and guiding the team through the process toward project completion.

What should every project manager know?

Project managers should possess knowledge of prevalent project management methodologies and tools like agile and waterfall. Additionally, they should cultivate essential soft skills essential for leadership, effective communication, adept time management, adaptability, and critical thinking to navigate projects successfully.

What project management methodology requires the team to complete the previous phase before the next phase starts?

The project management methodology known as “Waterfall” generally mandates the team to finish the preceding phase before initiating the subsequent phase. Waterfall represents a traditional, linear, and sequential approach to project management. Within a Waterfall project, each phase must reach its full completion before commencing the subsequent phase.

How many project management methodologies are there?

Numerous project management methodologies exist, featuring several well-established approaches such as Waterfall, Agile, Scrum, PRINCE2, Kanban, Lean, Six Sigma, and more. Additionally, organizations often craft customized methodologies tailored to address specific requirements.

Why do project managers use project management methodologies?

Project managers rely on project management methodologies to instill order and organization in their projects, guaranteeing consistency, risk mitigation, resource distribution, and quality assurance. These methodologies facilitate efficient communication, aid in managing changes, and oversee project scope, ultimately enhancing effectiveness, satisfying clients and stakeholders, and ensuring overall project success. Moreover, they cultivate a culture of ongoing enhancement and adaptability, enabling project managers to adeptly handle evolving demands and uncertainties.