Types of Project Management: Methodologies and Examples

Types of Project Management Methodologies

A detailed explanation of the types in the following format:

1. Waterfall

It is among the oldest methodologies for project management used by development teams or teams targeting a specific goal. The Waterfall model involves a sequential linear approach with interdependent steps. Each step or project phase begins only when the previous one is completed.

Pros

• Easy progress management and tracking
• Best for projects with stable requirements
• Reduces the probability of proceeding with incomplete or overlapping tasks

Cons

• Implementing changes in the project is difficult, as it discourages moving back to the completed phase
• Reduces collaboration and innovation
• Does not include stepwise testing, leading to an increased workload in the presence of issues

Real-time Example

Building construction is the most common example of waterfall project management. The stepwise approach begins by understanding the client’s requirements. It is followed by designing, which involves developing a blueprint for construction. Construction or implementation starts as per the design. The resultant structure undergoes inspection and testing before project delivery. It is further maintained by regular monitoring and evaluation.

2. Agile

Among different project management approaches, Agile project management offers a framework that breaks down projects into multiple dynamic phases, referred to as sprints. This iterative methodology ensures the incorporation of customer feedback after every iteration.

Pros 

• Increases product development speed and focuses on customer satisfaction
• Encourages collaboration and is adaptable
• A dynamic approach ensures meeting changes in market trends

Cons

• May face scope creep with constant changes in requirements and features impacting product development time
• Offers poor predictability of timelines and budgets
• New implementation in an organization requires a cultural shift, which is challenging in a resistant-to-change environment

Real-time Example

Agile can be used to implement Electronic Health Records (EHR) systems in healthcare facilities. While the traditional approach can be challenging due to complexity and time sensitivity, Agile eases the same. It uses Scrum to break down projects into manageable sprints and incorporates frequent evaluation and adjustments as per user feedback.

3. Scrum

Scrum is an Agile project management methodology suited for small teams. It allows quick product development and testing with a structured and managed workflow. The Scrum Master leads Scrum, a set of practices, principles, and values.

Pros 

• Flexible and adaptable to different situations and environments 
• Offers faster deliveries, enhancing the pace of product availability in the market 
• Cost-effective and works with transparency 

Cons 

• Requires the presence of experienced members to work without guidance 
• Pose challenges during scalability 
• Difficult to integrate with projects focused on predicted timeline-based functionality 

Real-time Example

Scrum’s application in software development teams involves breaking down and prioritizing tasks. It allows for adjusting the workflow according to new features, requirements, or strategies. Scrum ensures effective management of the process in designing, coding, and other steps.

4. Kanban 

Moving forward with types of project management methodologies, Kanban entails visualization-based work progress. It includes Kanban boards, cards, principles, and practices that depict the planning, scheduling, and assistance in tracking work. It is commonly used in software development and manufacturing.

Pros

• Maintains transparency and increased visibility of workflow
• Exhibits adaptability to changing priorities and needs
• Encourages collaboration and is easy to learn and implement

Cons

• Requires accurate and proper management, or else it may slow the workflow
• Lacks strict deadlines and hence compromises timely delivery
• Involves regular updates of the Kanban board to maintain transparency

Real-time Example

The Kanban board can be made for manufacturing organizations. It will be segregated into columns for pending orders, production, packaging, sorting, and other projects. Each column will be filled with project details. The details depend on the team and can include assigning responsibilities, depicting timelines, predicting the completion time, defining delivery dates and priority levels, and others.

5. Lean

Lean project management encompasses the usage of lean manufacturing principles to allow maximum customer value with minimal waste in each project phase. This type of project management methodology aims to reduce three types of waste, also referred to as 3M. The 3M are Muda, Muri and Mura. Muda refers to the activity that consumes resources but does not provide additional value. Muri is the excessive usage of employees or equipment, and Mura is the operational ‘unevenness’ leading to a decrease in efficiency and productivity for future projects.

Pros

• Reduces lead times and overall costs
• Enhances efficiency and productivity
• Delivers high-quality products

Cons

• Based on a rigid approach, it lacks adaptability
• Doesn’t consider equipment failures or supply delays impacting productivity
• Sets high expectations with low error possibilities

Real-time Example

Nike’s use of lean principles in its manufacturing process is a real-life example of project management. Specifically, it includes the involvement of principles like visual management, Kaizen or continuous improvement, 5S systems, and just-in-time inventory.

6. Six Sigma

Six Sigma is one of the different types of project management methodologies that enhances the process’s output quality by dealing with defects. It identifies defects and then removes their root causes through empirical and statistical quality management methods. The approach relies on the DMAIC model for process improvement.

Pros 

• Exhibits efficiency through cost reduction
• Shows proactiveness as it identifies potential issues beforehand
• Leads to customer satisfaction by removing defects and bugs

Cons 

• Iteration makes it a time-consuming process
• Complexity results in more problems requiring a solution
• Exhibits resistance to change and emphasizes metrics

Real-time Example

Usage of DMAIC methodology in automobile manufacturing. The analysis of production data will help identify the root cause of defects. It will be followed by improvement via implementing new methods, thus leading to better results. The frequent review will further ensure smooth processing.

7. PRINCE2

PRojects IN Controlled Environments (PRINCE2) is a linear and process-based project management methodology. It works on principles like defining project scope and budget. It focuses on control and organization throughout the project at every stage. 

Pros 

• Well-recognized project management method with global recognition
• Good methodology for beginners who haven’t used project management methods before
• Exhibits flexibility across industries

Cons 

• Comprises a steep learning curve
• Requires training and guidance for proper results
• Excessive documentation compromises focus on tasks

Real-time Example

The Australian Department of Parliamentary Services’ use of the PRINCE2 methodology in upgrading IT infrastructure is a real-time example of the methodology’s application. The upgrade was facilitated by project initiation through detailed outlining. This involved assigning roles and responsibilities while dividing the task into manageable stages. The methodology also comprised risk management strategies with a proactive approach to quality and timely completion.

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Industry-Specific Project Management Approaches

The role of project management techniques in each industry varies as follows:

• Operations: For tracking budgets, deadlines, and work progress for alignment with organizational goals
• Manufacturing: To ensure a cost-efficient manufacturing process and material usage in the manufacturing process
• Technical: Includes handling the employees, technical strategies, and budget goals of IT departments
• Construction: Involves efficient planning and implementation of construction projects
• Marketing: Deals with marketing campaigns across a variety of industries
• Electrical: Used for handling electrical task management while dealing with responsibility allocation
• Software Development: Oversees the development of new software and software updates 
• Healthcare: Ensures a smooth process from ideation to execution of the healthcare-based projects
• Systems: Used for developing requirements and objectives necessary for system development projects

Types of Project Managers

With different types of project management methodologies, there also exists a variety of project manager roles. They depend on the leadership approach or personality. They are:

• Executor: Works as per the standard process and plans
• Expert: Determines project flow based on their experience and knowledge
• Prophet: Pursue new paths and opportunities beyond the existing organizational strategy
• Gambler: Pursues opportunities within the strategic boundary and takes calculated risks with the possibility of both success and failure

How to Choose the Right Project Management Methodology?

With an understanding of Project Management and its types, you must know that the choice of project management methodology depends on multiple factors. The correct type of project management for each project will vary depending on its complexity, constraints, size, and scope, variables influencing project delivery, potential challenges associated with it, and industry standards that need to be met.

The team’s experience and project management skills, organizational culture, and existing project management processes will also influence the choice of methodology. The team’s willingness to learn and adapt to changes, the ability to take risks, stakeholders’ say, and access to resources will also impact the decision. Hence, to ease the decision-making process, develop a checklist that influences project outcomes and select the appropriate methodology.

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Become a Certified Project Manager

With multiple project management methodologies, the best one depends on specific conditions. From Waterfall to Agile and PRINCE2, each approach has unique advantages and disadvantages. While some are industry-specific, others offer flexibility across the industries. Ensuring the proper decision-making from the available options requires in-depth knowledge and practical experience.

Are you wondering how to become a Project Manager and set foot in the field? The method is to develop and exhibit skills by earning standard certifications. Let us help you with the most common and valued ones.

1. PMP Certification Training

It covers core topics and provides practice for the certification exam, focusing on novel technologies, practices, and emerging trends. The training comes with a 100% money-back guarantee and comprises live virtual learning, 12 simulations, and over 2000 premium questions. In addition to developing the necessary skills, you will also find exam pass study plans, cheat sheets and expert guidance.

2. Professional Certificate Program in Project Management

With PMI as an authorized training partner and in collaboration with Virginia Tech, this program helps qualify for the PMP exam. It comprises over 18 mock texts, 20 projects, and Harvard Business School case studies. It also includes 35 contact hours required for the PMP exam and hands-on experience for candidates to become job-ready.

FAQs

1. Can multiple project management methodologies be combined within a single project?

Yes, it is possible. This approach, referred to as hybrid project management, allows you to benefit from the strengths of different methodologies and offers adaptability in project delivery.

2. What are the key differences between Agile and Waterfall project management?

Agile is an iterative approach that encourages feedback and collaboration. Waterfall project management methodology, on the other hand, is linear and sequential. It focuses on planning and documentation and limits customer involvement.

3. How does industry-specific project management differ from general project management?

Industry-specific project management addresses the specific context, terminologies, regulations, best practices, and processes of the sector being managed. General project management takes a standardized approach to planning, executing, and closing the project.