If you want your team to have the greatest chances of success, selecting the right project management methodology is essential. However, since there are so many to choose from, each with its own benefits and drawbacks, identifying the ideal option can be challenging. Plus, some of them have overlapping features, which can add to the confusion.
Without a solid understanding of what each methodology has to offer, making a decision about which approach can meet your needs is practically impossible. With that in mind, here is an overview of some of the most popular project management methodologies.
Waterfall is one of the oldest project management approaches around. It has a highly sequential nature comprising of static phases. Each phase is initiated in order, giving teams the greatest amount of control. However, it is also highly inflexible and doesn’t always provide room for dealing with changes in scope once work has begun.
Agile, on the other hand, prioritizes flexibility. The methodology uses sprints – a term used to describe the short delivery cycles – with each one usually lasting a few weeks. The process is highly adaptable, allowing for the accommodation of unexpected changes in scope. Plus, it promotes quick turnarounds and embraces immediate feedback while simultaneously reducing risk in large projects.
The Hybrid project management methodology falls in between the waterfall and agile approaches. Typically, it favors the waterfall method during the planning and requirements phases, and then shifts to Agile during the later stages. The aim is to find balance by enforcing the highest level of control during early stages and providing flexibility once it is time to design, develop, implement, and evaluate.
With Critical Chain, the approach focuses on the use of resources more than many other methodologies. The intention is to allow for the creation of buffers that can reduce the odds that issues regarding resource availability will derail the project, increasing the odds that everything can be completed on time and with the proper degree of safety.
A data-driven methodology, Six Sigma looks to eliminate waste while improving processes and, subsequently, increasing profits. The intention is to reduce errors and defects as a method of increasing efficiency. However, there is some debate as to whether it qualifies as a true project management methodology on its own or if the techniques function best as a supplement to other approaches.
There are multiple other project management methodologies around, including Critical Path, Scrum, Feature-Driven Development, Lean Development, Crystal and many more. Evaluating all your options can be a daunting task, but it is worth the time and energy if it increases your team’s success rates.
Ultimately, the information above can make it easier to determine which approach is right for your organization and project needs. If you would like more tips on how you can choose the best project management methodology for your business, the professionals at The Squires Group can help. Contact us to speak with a member of our knowledgeable team today and see how our project management experience can benefit you.