11 Best Project Management Methodologies to Skyrocket Your Business

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Kritika Pandey

Senior editor

Parul Saxena

Chief editor

Last updated: February 23, 2021

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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 projects in a highly competitive corporate arena.

Looking for Project Management Software? Check out SoftwareSuggest’s list of the best project management software solutions.

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.

Most Popular Project Management Methodologies:

1. 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!

agile project methodologies

2. 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 the software development life cycle, Waterfall methodology comprises static phases that 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 largely preferred due to its simplistic and logical approach that leads to open source project management smoothly.

Project Management Methodologies

3. 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!

Project Management Methodologies

4. Six Sigma

Pioneered by Motorola, Six Sigma is a data-centric and process-driven project management methodologies that believe 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, for 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!

six-sigma

5. 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 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

kanban

6. Prince2 

This broad collection of practices has been used extensively, primarily by the UK Government as a Project Management Methodologies that comprehensively evaluate 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!

project management methodologies

7. 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!

cpm

8. Scrumban

As the name implies, Scrumban is an agile project methodology that is a hybrid of Scrum and Kanban. This method gives the team the flexibility to adapt and change to production as well as stakeholder needs, without feeling restricted by their project methodology needs. 

If Scrum is best-suited for product or development projects, then Kanban is the excellent choice for production support. When we combine these two methodologies, we get the best of the two. It adds the structure of Scrum and flexibility of Kanaban to create a highly versatile approach to project management. 

Scrumban can be a great solution for product development where there is no clear roadmap, and the process also requires support or maintenance work. Or for teams, who are looking to transit from Scrum to Kanban method.

It is becoming very popular in service industries, as it involves both development and maintenance projects.

scrumban

9. Lean

The lean methodology was first introduced by the Toyota Production System, or TPS, which revolutionized the manufacturing of physical goods in the 1950s and beyond. The main idea behind it is to help businesses in all industries eliminate waste by maximizing value and boosting innovation. 

The lean concept is considered superior to Agile, whereby it understands the importance of customer value. Thus, the method aims to continuously increase the value by focusing its key processes on it. It suggests you do more with less, and that is possible by eliminating three types of deviations that show the ineffective allocation of resources. It is commonly known as the 3Ms principle:

  • Muda

Muda means waste. It is about eliminating process or anything that doesn’t add any value to the customer. There are many tools available to identify and remove waste from the process, such as Poke Yoke. 

  • Muri

Muri means overburden, which results from Mura and removing too much waste. When machines or operators are utilized beyond their optimized level, it results in breakdown or absenteeism. 

  • Mura

Mura, or unevenness, occurs due to fluctuation in customer demands or variations in operation cycles for different operators. It can be eliminated by creating standard work for all operators and creating openness in the supply chain.

lean

10. Extreme Programming

Extreme Programming (XP) is another agile project management methodology. It is much similar to Scrum in terms of value and principles. It supports frequent sprints in short development cycles to improve software quality. Besides, it responds to changing customer requirements. 

Apart from following a series of steps to manage projects, XP also has a certain set of values. These values help your team work faster and collaborate more effectively. 

  • Communication

Communication between team members is streamlined — from gathering requirements to implementing codes and participating in daily meetings. It ensures that the whole team stays updated about the process, and any issue is immediately addressed. 

  • Simplicity

XP breaks down large, complex projects into small, achievable goals so that team members are able to accomplish them. 

  • Respect

Regardless of hierarchy, XP recognizes the contribution of each member. Every person on the team is respected equally. In fact, the team also respect the opinion of the customers.  

  • Courage

People are not allowed to tell lies or give excuses for their failure. Everyone adapts to changes as they occur and takes responsibility for their doings.  

  • Feedback

In XP, the main aim is to complete the project as fast as possible so that they can demonstrate the software early and gather feedback from the customer. They make the necessary changes and then release it on the market in full-phase.

Extreme_Programming

11. PMI’s PMBOK

The PMBOK, or Project Management Body of Knowledge, is a set of standards that consists of five processes. It acts as a shared library that project managers can use to run the project. 

The five process includes: initiating, planning, executing, controlling, and closing. In short, it a compilation of concepts, guidelines, and techniques of project management to help you evaluate your project. All the details are well-documented in a book called the Guide to the Project Management Body of Knowledge by PMI (Project Management Institute).

pmi-project-management-model

Bottom Line

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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Working as Software Analyst I prioritize my work and like to plan and organize accordingly. I also have good analytical skills and a proficiency with digital marketing tools. I am always looking for the opportunities to grow up both professionally and humanely.

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