The Project Management Institution (PMI) further breaks this down as the five (5) stages of the Project Planning process:
o Stage 1: Initiating the project.
o Stage 2: Planning the project.
o Stage 3: Designing the processes and outputs (deliverables)
o Stage 4: Implementing and tracking the project.
o Stage 5: Evaluation and closing of the project.
· Regardless, a project must go through phases of initiation, planning, and Implementing/execution. This cycle allows project managers to plan each task and activity meticulously to ensure the highest chances of success.
§ While the basic principles apply in all situations, the project management methodology must be scaled to fit the benefit-to-cost ratio for each situation. Managers often fail to use project planning tools and techniques appropriate to the anticipated outcomes of the project and the resources available. What methodologies are available? There are numerous project management methodologies, but the most common methodologies are:
§ This linear project management method is the simplest and most traditional. The name is fitting given that it's a process in which project phases flow downward. The Waterfall methodology compels you to go from one project phase to the next only once you've satisfactorily completed the previous one.
§ It's ideal for highly organized projects and when it's too costly to pivot or modify something after completion.
§ Agile project management is a dynamic and collaborative approach for teams to self-organize. When using the Agile methodology, project planning and task management are adaptable and receptive to change if it can result in process improvement. The Agile approach provides a highly dynamic structure for project teams, which is why it's a popular project management strategy in product and software development.
§ This methodology has its roots in software development and fits well with that environment or any project facing some degree of uncertainty. Marketing projects, which need a more responsive and rapid production schedule, may also use it.
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§ The Kanban methodology promotes efficiency by using visualization to establish a project's perspective. A Kanban board is a graphical depiction of a project's development across many key indicators. It comprises visual symbols representing a different state, such as To Do, In Progress and Completed.
§ Kanban boards make planning simple since they just need the addition of cards to represent many aspects of a project, including task stages, deadlines, people and ideas. Kanban is ideal for projects with small teams requiring a flexible approach to delivering a product or service. On an individual level, the Kanban methodology can significantly enhance efficiency.
o Scrum methodology
§ Scrum methodology is the notion of dividing a project into smaller tasks, or sprints. These sprints are more manageable than tackling an entire project at once. Managers and stakeholders review the sprint's output to confirm its success and use the results to inform the next sprint's iteration.
§ The Scrum methodology is best suited for teams of no more than ten people and is often associated with two-week cycles of short daily meetings, or scrum meetings, which a scrum master leads. Although there have been efforts to scale the Scrum methodology to accommodate bigger businesses, it operates inside an Agile project management framework.
§ Lean methodology is a project management approach that aims to provide value in the most efficient and cost-effective manner feasible. The primary objective of the Lean methodology is to do more with less, resulting in maximum outputs while using the least amount of time, energy, resources and cost. Lean-managed projects increase overall output and save costs by reducing waste.
§ Lean methodology, which people mistake as being applicable just to the manufacturing sector, is an excellent fit for any company or organization that isn't searching for a process but wants to change how it operates. Many construction, manufacturing, education, and software development organizations use it.
§ PMBOK methodology, which the Project Management Institute developed, describes typical processes and procedures for effectively planning and completing a project. The PMBOK process, which includes the following phases, is subject to ongoing revisions by the institution to ensure that it's as efficient as possible:
o project initiation
o project planning
o project execution
o project management
o project completion
§ You cannot apply PMBOK to a project since it is more of a reference guide than a project management strategy. Nevertheless, it might be helpful when deciding on the best practices for your project.
§ The Six Sigma approach is appealing because it focuses on ensuring excellent project conclusions by attempting to eliminate waste and defects throughout the process. The Six Sigma process relies heavily on data and rigorous analysis, so any conclusions you draw can have solid supporting evidence. The following are the primary characteristics of the Six Sigma project management method:
§ using a framework to ensure consistency.
§ reducing excessive waste to provide the highest possible level of quality.
§ minimizing errors to establish trust in the project's result
§ This practice is highly effective in bigger enterprises, but with minor modifications, small businesses may also benefit. Certification is necessary to practice Six Sigma.