4 project management methods

Many project are related or based around IT and this has reflected on project management methods. In many cases it is actually the changes in available technology that drive the need to change organisational processes. This has led to a merging of IT working practices into that of general management including the use of project management.
 
Almost every project manager has his or her preferred project management method. This article will introduce you to the four most commonly used methodologies for project management.

What’s your approach?

Managers now find themselves frequently involved in projects that are being managed using a formalised project management methodology. Communications forms a key part of such projects and if you are going to be successful in your role as a manager it is essential that you have a thorough understanding of project management terminology, processes, and procedures.
 
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There are various ways in which projects can be approached and a host of ‘methodologies,’frameworks,’ and ‘processes’ have been developed over the past 60 years or so.
 
Some of these have their origins in academic research whereas others have grown out of proprietary methods developed by organizations that are highly project focused, for example management consultancies. Each of these approaches has its own way of looking at projects and its own terminology for the documents and processes that make up project management. There has been some rationalization in recent years but there are still a dozen widely used methods. The ones you are most likely to encounter are PMBOK®, PRINCE2, Critical Chain, and Agile.

Most commonly used project management methods

PMBOK® is short for Project Management Body of Knowledge, which describes project
management practices that are common to ‘most projects, most of the time.’ The PMBOK® is
published by the Project Management Institute (PMI), which was formed in the USA in 1969.
The PMI also offers various levels of certification and the PMBOK® is widely used and respected.
 
 
PRINCE2 is a process-based approach for project management, providing an easily tailored and
scalable methodology for the management of all types of projects. The method is the standard
for public sector projects in the UK and is practiced worldwide. The acronym stands for Projects
in a Controlled Environment and this is a project management program that shares more of
the functional and financial authority with senior management, not just the project manager.
 
The Critical Chain method is not fundamentally different from the current mainstream
approaches but it differs in the way that it handles risk and contingency. Developed in 1997 it
is a method of planning and managing project execution designed to deal with uncertainties
inherent in managing projects, while taking into consideration the limited availability
of resources.
 
The Agile approach uses an iterative method of determining requirements for engineering and
software development projects in a highly flexible and interactive manner. It is most often used
in small-scale projects or in cases where the final deliverables are too complex for the customer
to understand and specify before testing prototypes.
 
This was a short overview about 4 project management approaches. You might also want to check out our blogs posts “How to get your project started” or “The worst project management mistakes”.

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