15 Best Project Management Methodologies [With Pros & Cons]

Handling projects effortlessly is a sure-shot recipe for business victory in today’s age! Modern business leaders rely on various diverse project management methodologies that help them optimize projects in a highly competitive corporate arena.

Choosing the right project management methodologies is critical to business outcomes – it can make or break your organization’s commercial success! 

But with a market flooded with many project management software, how do you choose the perfect one to 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. 

In this article, we’ll go through some project management methodologies examples to help you understand the methodology in project management.

What Is Project Management Methodology?

A project management methodology refers to a collection of principles, tools, and strategies that aid in planning, executing, and overseeing projects. These methods enable a project manager to lead team members and manage work while promoting collaboration.

Due to the varying needs of industries and projects, there are several project management methodologies, each with advantages and disadvantages. Therefore, learning about project management methodologies is crucial to determine which suits your needs best.

This article will discuss some of the most popular project management methodologies widely used in software and product development.

What Are The Benefits Of Using Project Management Methodologies?

A project management methodology is a vital framework of techniques, principles, and guidelines for overseeing a project. It standardized procedures, created a shared vocabulary, and set benchmarks for launching and managing distinct projects. The benefits of adopting a project management methodology include the following:

1. Achieving Recurring Successes

Embracing a methodology can foster a thriving project management culture, facilitating the efficient implementation of the methodology.

2. Building A Successful Project Management Culture

Adopting a methodology can help build a successful project management culture, enabling the effective utilization of the methodology.

3. Expanding Project Management Skills

A methodology provides project managers with a comprehensive comprehension and a strong basis to competently handle their projects, enhancing their skills.

4. Reducing Risks And Increasing Project Success

A methodology assists project managers in minimizing risks, sidestepping redundant efforts, and ultimately enhancing the project’s impact, elevating the prospects of project triumph.

5. Increasing Motivation And Productivity

By establishing common ground for all projects within an organization, a methodology increases the project team’s motivation and productivity.

6. Delivering More Projects On Time And Within Budget

Companies can use a project management methodology that includes definitions, guidelines, and templates to help them deliver their projects on time, within budget, and to fulfill donors, beneficiaries, and other stakeholders.

How To Choose The Right Project Management Methodologies?

How you carry out project management techniques in your organization can greatly influence the outcomes of your projects and your team’s efficiency. Therefore, it is crucial to purposefully consider the project management methodologies adopted by your company, as this will enable you to adequately train your team and attain the desired outcomes.

Below are a few techniques you can use to determine the most suitable methodology in project management:

Step 1 – Evaluate Your Project Requirements

To begin, evaluate the requirements of your project by gathering pertinent information about its objectives and available resources. Developing a well-defined overview of your project needs will aid in determining which methodology is best suited for your particular requirements. Consider gathering the following details:

1. Financial resources
2. Project schedule
3. Organizational framework
4. Project goals
5. Customer information
6. The complexity of the project
7. Responsibilities of team members
8. Relevant parties or stakeholders

Step 2 – Determine Vital Factors

Once you have comprehended the basic limitations of your project, ascertain which variables hold the highest significance for accomplishing your project objectives. This approach will enable you to prioritize various aspects of the project, facilitating the selection of the project management methodology that aligns with your primary goals.

Step 3 – Construct A Comparative Table

Prepare a roster of project management methodologies compatible with your available resources. Create a table listing the advantages and disadvantages of each management style for your primary variables and secondary project needs.

Step 4 – Evaluate The Pros & Cons

Utilize your chart and project data to predict the potential risks and chances of success associated with each methodology. Note that the methodology with the greatest potential for success may also carry the highest risk of failure. Therefore, work with your team to determine the acceptable level of risk you are willing to undertake.

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15 Types Of Project Management Methodologies

Various project management methodologies exist, each with its advantages and disadvantages. The efficacy of each varies based on the industry and project.

As a project manager, it is important to understand these methodologies to select the most suitable one for your project. Here is a brief introduction to the different types of project management methodologies that you can utilize:

1. Agile 

Let’s start with the most popular project management methodologies – Agile. Agile methodology is the absolute best to implement for projects that require speed and flexibility. Being agile helps project teams respond to unpredictability through slow incremental techniques, and it has arisen due to the rising discontentment with the rigid, traditional project management methodologies.

It focuses on adapting to changing project situations, which is ideal for slightly smaller projects with drastic shifts in team task assignments.

So basically, in agile projects, a series of tasks are introduced, executed, and adapted to as the current situation demands – its high responsiveness to change is ideal for the dynamic business arena!

Agile Pros and Cons

2. Waterfall

This revolutionary Project Management methodology follows a classic, simple approach – make a good plan and execute it in one go! Also known as the software development life cycle, the Waterfall methodology comprises static phases that streamline 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 as water flows 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 smoothly leads to open-source project management.

Waterfall Pros and Cons

3. Scrum

Scrum is a great Project Management Methodologies focusing 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. The image below is Scrum’s project management methodologies examples that can help you understand what Scrum does.

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 projects that depend on team coordination and can align them to end goals!

Scrum Pros and Cons

4. Six Sigma

Pioneered by Motorola, Six Sigma is a data-centric and process-driven project management methodology that believes in completely eliminating 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, and Control. When it is done, there will be tremendous Synergy throughout the organization.

Six Sigma should be your target instrument for companies that want to remove waste in their project management processes and focus on quality project management.

Six Sigma Pros and Cons

5. Kanban

A visual display Project Management Methodologies technique – Kanban works efficiently for small, diverse, co-located project teams. Its strength lies in its flexibility, which 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 requiring steady production, as it helps improve quality levels and save time and cost, exponentially increasing any organization’s bottom-line results!

Kanban Pros and Cons

6. Prince2 

This broad collection of practices has been used extensively by the UK Government as a Project Management Methodologies that comprehensively evaluates project tasks and processes. This transformational technique divides the project into several 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 business organization!

Prince2 Pros and Cons

7. Critical Path Methodology

Resources are at the crux of successful Project Management Methodologies, and the critical path method ensures that your organization is geared towards efficiently solving resource needs! Each project is divided into a set of core activities, known as a critical path analysis 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!

Critical Path Methodology Pros and Cons

8. Scrumban

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

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

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

It is becoming very popular in service industries, involving both development and maintenance projects.

Scrumban Pros and Cons

9. Lean Project Management

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. Its main idea 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, which is possible by eliminating three types of deviations that show the ineffective allocation of resources. It is commonly known as the 3Ms principle:

1. Muda

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

2. 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.

3. Mura

   Mura, or unevenness, occurs due to fluctuations 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 Project Management Pros and Cons

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

1. 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.

2. Simplicity

   XP breaks down large, complex projects into small, achievable goals so team members can accomplish them.

3. Respect

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

4. Courage

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

5. 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.

Bitrix24 Pros and Cons

11. PMI’s PMBOK

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

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

PMI’s PMBOK Pros and Cons

12. Adaptive Project Framework (APF) Methodology

The adaptive project framework (APF) or adaptive project management (APM) is an agile methodology designed to handle inevitable changes. APF understands that even well-planned projects can go wrong, and thus, teams must be prepared to respond adaptively.

This methodology requires anticipating risks, preparing for the unexpected, and constantly re-evaluating results and decisions with all stakeholders through constant communication.

It is ideal for teams that have outlined their goals and objectives and are willing to work collaboratively. However, it may not be suitable for those who require predictability or lack the resources to handle the potential negatives of adaptability, such as scope creep or rework.

Adaptive Project Framework (APF) Methodology Pros and Cons

13. Critical Chain Project Management

The critical chain project management (CCPM) methodology is a more detailed version of the critical path methodology, making it a comprehensive option. It involves a work breakdown structure and specific time requirements for each task, enabling task tracking and identifying delays.

Additionally, resource leveling distributes workload across available resources, enhancing productivity and efficiency. CCPM also helps connect project goals with the work required to be completed, and visual elements aid in constructing a classified roadmap for group members.

Critical Chain Project Management Pros and Cons

14. New Product Introduction (NPI)

New product introduction (NPI), or new product development (NPD), is a project management methodology used to introduce new or improved products to the market. The NPI process involves the following:

• Determine the specific requirements and scope of the product or project.
• Assess the feasibility of the product or project based on factors such as resources, market demand, and technical constraints.
• Create prototypes of the product to test and refine its design and functionality.
• Test and analyze the prototypes to verify their quality, usability, and effectiveness.
• Scale up production of the product to meet demand and ensure consistent quality.

It follows a stage-gate process, which can vary between organizations. As this process involves multiple departments, including leadership, product managers, and marketing, cross-functional collaboration and communication are essential for successful implementation.

New Product Introduction (NPI) Pros and Cons

15. Outcome Mapping

Outcome Mapping is a distinctive project progress evaluation system developed by the International Development Research Centre (IDRC). Unlike other project management methodologies, it is not centered around quantifiable deliverables but on promoting sustainable behavioral transformation.

This methodology is frequently employed in philanthropic projects undertaken in underdeveloped nations. As a project management approach, its emphasis is less on the project’s immediate outcomes and more on its long-term impact on the community, particularly its capacity to generate positive changes.

Outcome Mapping Pros and Cons

Bottom Line

Selecting the correct project management methodology can have a huge impact on the outcome of your project. Since each methodology has benefits and drawbacks, it is important to consider the project’s size, complexity, and team experience when selecting the appropriate one.

Choosing team management software that allows for multiple methodologies ensures that teams can work in the best way that suits them without compromising functionality or intricacy. This approach gives every team the flexibility to work according to their preferred methodology, enabling them to achieve better results.

Leverage the power of these project management methods to fast-track your business to the path of success – change how your project teams deliver their results positively!