Best Project Management Methodologies How To Choose The Right One - image

5 Best Project Management Methodologies: How To Choose The Right One?

Team Onstro on January 9, 2024 in Project Management

Key Highlights

  • Organizations that use project management methods consistently have a 92% success rate.
  • Some of the prominent project methodologies are Agile, Waterfall, Scrum, and Kanban.
  • Onstro Projects is software that allows you to employ project methodology with ease.

There may be a variety of project management methodologies, but success lies in creating a perfect mix of approaches. Stats also support this statement. As per Technopedia’s recent survey reports, organizations that use project management methods consistently have a 92% success rate in meeting project objectives.

First of all, it is important to understand what is project management methodology? In simple words, a project management methodology is a range of principles and techniques used to execute projects. Not only do they ensure execution but also have a positive impact on the output. But, what are the different project management methodologies that you can consider for your business? Let’s check it out.

Also Read: How to improve your business performance in 2024?

5 Best Project Management Methodologies

Every project management methodology has unique features, and they all have merits and demerits. Some might work out for you, while others don’t. Read on below to learn the basics of different types of project management methodologies so that you can choose the right one.

  1. Agile Methodology

    Agile project management methodology is one of the most common ones used. A team of software developers formulated this methodology in 2001. Any team can use it, as the principles behind agile methodology are universal.

    Agile methodology focuses on maintaining a healthy relationship between the team and customers. In Agile, the customers set the core project goals. However, the output is subject to change as the team works through each stage of the project. As per this methodology, team members perform small, actionable tasks and refine them continuously as per the suggestions of the end users.

  2. Waterfall Methodology

    Waterfall methodology, also known as Software Development Life Cycle (SDLC), is a straightforward project management approach considered by many managers. It breaks down the entire work into segments. Each segment could be started only after the completion of the prior segment. This way, you can ensure that the work stays on track.

    Waterfall is a traditional methodology that clearly sets out a step-by-step plan to explain what must be done to attain the project goals. Therefore, it works best for larger projects with different stakeholders.

  3. Scrum Methodology

    Scrum is a popular ‘sprint’ approach to managing projects. So, is scrum a methodology? Yes, it is, but it does not work for every project. It fits in for projects with smaller teams of less than 10. One scrum cycle consists of two weeks.

    While Scrum is often considered a type of Agile methodology, it stands out in various aspects. For example, Scrum involves conducting regular meetings to improve the connection between the stakeholders.

  4. Kanban Methodology

    One of the best project management models that you can consider for your project is Kanban. It is often used by teams to have a better view of the workflows and project progress to meet project deadlines. Kanban doesn’t have a set process, but it is important to set it in such a manner that the most important projects are prioritized first.

    Under this approach, you can assign the work to team members efficiently, ensuring a better workflow. Kanban works better for companies that rely heavily on remote workers as it allows better control over the team to make sure that they stay on track.

  5. Critical Path Method

    The Critical Path Method is the perfect project methodology to consider if you are working on multiple projects with limited resources. Under this methodology, you must first figure out all the tasks that are required to be performed. Then, you must identify and prioritize the most important tasks among them to meet project objectives. This helps you deliver the projects within the specified time and resources.

How to Choose the Best Project Management methodology?

None of the above-mentioned project methodologies works as an all-in-one solution. You must choose the right project management methodology that aligns with your team and requirements. Here are some tips for it:

  • Figure out the project timeline, resources, and budget to get started.
  • Consider the pros and cons of each methodology and how it will fit into your project.
  • Consult the concerned stakeholders and team to choose one methodology.
  • Experiment with a methodology, and if it works, train the team members to get used to it.

Final Words

It’s common to get stuck in a dilemma about choosing the right project management methodology. Success lies in adapting to an interesting mix of methodologies. Remember, it does not occur in a single attempt, especially if you are a beginner. Most often, you require a trial-and-error approach to find the right one.

Onstro specifically gives you a hand over there. The multi-functional software allows you to switch from one methodology to another in a convenient manner without data loss. Moreover, Onstro Projects provides you with all the tools and technologies required to manage multiple projects effectively at the same time.

Contact us now for an all-in-one software platform.

Team Onstro