Project management methodology is a set of techniques that helps in evaluating and planning the project. The success of the project depends on how it is executed. Choosing an appropriate project management methodology will help in executing the project with ease.
The latest proprietary project management frameworks increase the market share for many organizations. There is no single solution that will provide massive profitability, but the approach is finding what works for you.
Projects with the latest developments- functionalities in project management. Make sure to choose a framework that fits your organizations needs for optimized control over projects. The benefits are faster time to market, less lead time, less number of iterations, high performance, fewer overheads, and high-quality products.
Overview of Project management framework
Project management is a combination of tools, strategies, principles, processes, and methods from various frameworks such as PMBOK and Prince2. It is the project manager who must be certified in these areas and learn other concepts to deliver successful projects.
The constraints which are to be controlled include costs. For example, consider a project for a global multi-national, developing an application in the US with hiring in India and part of development taking place in Israel.
The question is, “can you acquire skills with project manager certification?”
The answer is, “Yes, it is possible,” all you need to do is to identify the right training and go through a detailed session in Prince2, or CAPM to apply your skills in this area for the global project.
7 project management frameworks
The 7 project management frameworks are as follows,
Agile Project Management
Critical Chain Project Management (CCPM)
Kanban Methodology
Lean Project Management
PRINCE2 Methodology
Scrum Methodology
Waterfall Methodology
1. Agile Project Management – Products and services are delivered throughout their life cycles by iterative means.
2. Critical Chain Project Management (CCPM) – If there is only a little time to complete an activity like work on a project, the critical chain method teaches you how to make sure that time doesn't go to waste.
3. Kanban Methodology – This is a tool for managing workflows. It helps you visualise the progress of your work from beginning to end.
4. Lean Project Management –They are designed to maximise the value of the project by minimizing waste.
5. Prince2 Methodology – Prince2 greatly helps in project management. There are really 7 principles to follow and only with the help of Prince2, projects can be successful.
6. Scrum Methodology – It consists of a series of iterations. These iterations produce a potentially valuable deliverable product increment.
7. Waterfall Methodology – This model is a never-ending process in a way that every phase is completed to go to the next.
The below-mentioned diagram provides an overview of the 7 frameworks,
Guidelines in choosing the project management framework
The guidelines are listed below,
If you have a fast-changing environment such as products, technology or industry then a more adaptable framework like XPM or Scrum is chosen
If the products or services that are intangible such as software are not well defined then sprint approach is chosen
For prince2 or waterfall methods, the projects must be stable and well defined and planned out in its entirety decreases risks
If the organization has not chosen one of the project models such as XPM before then choosing that would be risky.
If waste is the critical concern then choose the lean framework
It is even possible that you may be picking the ideas and principles from more than one framework in a particular project, and that should be fine
How to create a project management framework
This is not easy as you can imagine the project management varies from organization to organization and from project to project.
First, it is not a one-time activity and it takes time and many revisions.
Second, you need to keep modifying and trying out the different frameworks as you gather more information about the projects, organizations the type of projects, etc
Third, You need to remember that the framework changes from one to another, however, the fundamental principles remain the same.
There are 4 main strategies for creating a project management framework they are as follows.
1. Project Path - It may be that you are assigned an internal project or the external project for the clients. There are key parameters such as approval process, reporting, services standards, execution, delivery and KPI's, etc.
2. Take from the Project Management Methodologies - You need not reinvent the wheel when it comes to methodologies, they are already there and you need to pick from one what is suited to your project.
3. Creation of Modular Project management framework - Divide the projects into parent and child relationships. Let it be broken down into smaller modules.
4. Rules for your Project framework - The project management framework’s primary work is to make the project work uniform and consistent throughout the organisation. So the first thing is to form rules for every project.
Benefits of Project management framework
The project framework helps you in making the projects consistent, repetitive, and uniform to deliver the value each project is started for.
Some of the benefits of the project framework are as follows,
Improving collaboration and coordination in the organization, as well as communication.
It increases productivity by allowing the projects to create value without fail.
Knowledge sharing increases all over the organization with repositories and knowledge base.
It streamlines the processes and the management across the organization
By the creation of plans and templates, it enhances the accessibility and efficiency.
It provides the competitive edge to the organization adopting the framework by curtailing the shortages to the parameters such as time, scope and cost
Best practices of Global Project management framework
The best practices of the project management framework are divided into 5 categories as shown in the diagram below and are also listed below.
1. Global team management - This takes into account the different cultures, time zones, and locations.
2. Global organizations - You need to make use of global locations across the border for the project work
3. Global communication - You need to open the channels of communication between the various collaborators.
4. Collaborative tools - To open the communication and project work across the geographies, you need to use collaborative tools.
5. Collaborative techniques - This is based on the tools that you use to collaborate with global teams.
Which project management framework you will choose
We have discussed here various Project management frameworks how they impact the projects and what are the benefits and implementation plans.
Knowledgewoods is a training institute which provides online-based training for all the certifications such as PMP Training from PMI.
knowledgewoods is an authorised training centre for PMI certifications. To enquire click on the links provided which will take you to the various certifications page for registrations and for providing more details.
Happy managing your project and team!!!