The most common project management methods are explained. Project management approaches include a set of processes, methods, and tools that can be used to manage and finish project tasks. They keep things the same, make things easier, cut costs, and make things less risky. There are a lot of well-known project management methods out there.
Listed below are some of the most popular types of project management approaches:
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Phased approach in project management
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Lean project management
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Iterative and incremental project management
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Critical chain project management
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Product-based planning
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Process-based management
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Project production management
1. Phased project management approach
To do big and complicated projects in stages, you should use a phased approach. This is the best way to do it because of other project constraints. In this method, each phase goes through all five process areas from start to finish. As soon as each phase is done, all of the work is looked over and passed on to the next phase in order.
The waterfall or traditional model is often used to describe the phased method. It is a good choice for small, well-planned projects. In projects with more complexity and size, there are a lot more issues and risks that need to be dealt with.
2. Lean project management
Data-driven project management is called lean project management, and it focuses on improving the process and removing waste through the use of resources in the most efficient way possible (cost, time, and people). This project management method includes detailed planning, visual-rich documentation, constant analysis, and frequent process changes.
A project is said to be lean if it follows the basic lean rules. People use Deming Cycle, Lean Six Sigma (DMEDI), Value Stream Mapping (VSM), kanban methodology, and other lean project management techniques to get things done more quickly and more efficiently
Most businesses choose value stream mapping because it gives them a clear and detailed picture of all the steps in the project.
It's called Value Stream Mapping (VSM), and it's a two-dimensional tool that helps you document and directs a lean transformation from a big picture point of view. There are a lot of ways that businesses can use this to figure out how long it will take for a project to go from start to finish, as well as how long each individual project takes.
By looking at and understanding the visual flow of a project, organizations can eliminate the wastes of lean, cut down on administrative processing time, and always meet project deadlines and goals, as well.
3. Iterative and incremental project management
The iterative and incremental approach is a change-driven project management method that was made to deal with changes and reduce project risks. This project management method is great for big, multi-company projects that have a lot of uncertainty and a lot of risk. It is used a lot when making software.
Several project management methods, such as Extreme project management and Agile project management, have grown out of the incremental and iterative approach. These methods have evolved into a wide range.
4. Critical chain project management
Critical chain project management (CCPM) is used to plan and manage projects while allowing for resource constraints. It is used to plan and manage projects (personnel, equipment, and more). To understand this, you need to know about the theory of constraints (TOC). It says that a chain is only as strong as its weakest link.
To keep projects from taking longer than they should, CCPM allows buffers to be added to the resources and tasks that make up a project.
5. PRINCE2 product-based planning approach
Product-based planning is a project management method that is very organized. It focuses on project outputs and project deliverables (including intermediate products), rather than activities and tasks.
A lot easier to figure out how to do things when there aren't as many deliverables as tasks. PRINCE2 is the most common way to use this approach.
6. Process-based project management
People who work on projects can use process-based project management to make, manage, and improve projects that are in line with the company's vision, mission, and core values, among other things. All project activities and goals are planned so that they help the organization reach its most important goals.
Six stages are involved in process-based project management:
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Defining the processes
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Identifying process indicators
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Measuring performance
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Adjusting objectives
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Planning improvements
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Implementing improvements
Process-based project management maturity models like OPM3 (Organizational Project Management Maturity Model) and CMMI (Capability Maturity Model Integration) are some of the most commonly used ones out there.
7. Project production management
Using theories and principles from operations science, project production management (PPM) is a long-term strategy that helps you better understand and improve the way projects are done.What makes PPM unique is that it uses real data from project activities to figure out what can be done and what can't be done. It also helps with the design of control mechanisms that can handle a lot of different things.
What are the main reasons for project failure?
Any viable project is prone to failure due to one of the five reasons listed below:
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Resource deficiency – lack of resources to complete the project.
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Inadequate time frame – unable to complete the project on time.
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Unclear goals - insufficient documentation can lead to poor results.
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Poorly managed stakeholder expectations - scope changes that are not agreed upon by stakeholders produce differing views on quality, time, and budget.
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Inadequate risk management – project failure can result from not determining the risk associated with each project.
Most projects fail because project managers don't improve their project management skills.
How to streamline project management effectively?
Many small things go into projects. Race to finish the project on time can make us forget important things. Especially when project management is done by hand, it's hard to write down every little thing about a project. It turns into a lot of paperwork and spreadsheets where there are a lot of unknowns, which makes it more likely that something will go wrong.
Project management can be very messy, but there are a lot of ways to make it easier to run a business.
Even if you're not a project manager, you can still finish your projects quickly and efficiently if you follow the twelve steps in the project lifecycle very carefully. Besides that, you can also follow the project management checklist and look out for the project management problems to make your project more productive, as well.
