12 Project Management Methodologies to Examine Before Choosing One for Your Business

Project management methodologies outline a framework for finishing a project on time.

Project managers (PMs) understand how daily tasks come together towards a shared team goal. Not only must PMs know how to keep individuals and teams moving forward, but they must also know how each cog of a project fits into the overall wheel that turns the engine. 

Having a solid project management methodology in place is crucial to a project’s success. A great project manager knows that you’ll want input from your team in order to select the right methodology for your specific business needs. Once the choice has been made, then comes the investment in the software and nonbillable time to implement your chosen framework across your team.

In this article, we'll examine 12 different project management methodologies for you to read about before deciding which ones will work for your business.

What is a project management methodology?

A project management methodology lays out a set of guidelines for processes used to plan, manage, execute, and complete projects. The methodology you select determines how teams complete work as they bring projects to fruition. Your business might choose more than one project management methodology to implement, depending on what fits best for your company.

Types of project management methodologies

In this section, we'll discuss some of the most popular project management methodologies. These can be used separately or in combination, depending on the scope and requirements of each task, in order to manage projects more effectively. 

Agile methodology

Agile project management stemmed from the Agile Manifesto^[1] published in 2001. While this project management methodology focuses on software, it is relevant for companies that have specific timelines to get products delivered. Agile focuses on a collaborative and team environment focused on data-driven results within a fast, efficient, and effective work structure.

Scrum methodology

Scrum^[2] utilizes Agile methodology and develops it into a more structured project management methodology. Teams consist of 10 or fewer people, and work in sprints of anywhere from one week to a month. At the end of each sprint, which marks the beginning of another sprint, each team meets and assesses what went wrong, what went right, and what the team can do to fix any issues before the next sprint starts. Daily meetings keep teams on task.

Teams who want to focus on Agile methodology would do well with Scrum.

Kanban methodology

Kanban stems from a Japanese phrase meaning "card you can see." It is a visual system that lets users see how a project moves forward. Labeled columns show what tasks are backlogged, in progress, done, and blocked. Your teams can also add columns for under review, internal testing, and client review. Under each column is a card you can see that has the name of the task or project. 

Kanban provides a great way for remote teams to stay on task. You can expand a Kanban board to have as many steps as you need.

Scrumban methodology

As you no doubt have guessed, Scrumban is a hybrid between Scrum and Kanban. It offers an Agile framework but allows projects or tasks to be pulled out of a Scrum Sprint if they are taking too long. The key is the priority. If a task is a low priority, employees can take more time to get it done right without hindering the progress of the project as a whole.

Six Sigma methodology

World-class manufacturers often employ Six Sigma^[3] principles alongside Agile or Scrum. Six Sigma philosophies focus on data-driven quality management while moving towards continuous improvement and reducing defects. Many companies expand to include Six Sigma DMAIC, which includes a framework to define, measure, analyze, improve, and control processes along these five phases. Six Sigma is great for large businesses of 100 or more people.

Lean methodology

Lean teaches companies how to do more with less. It eliminates waste while maximizing productivity and efficiency. Lean was introduced by Toyota in Japan in the 1980s, and it revolutionized how the company produced vehicles. The key is for project managers to identify three different types of wasteful tasks and implement changes to make sure the company improves efficiency. Lean methodology is ideal for companies looking to improve efficiency.

Waterfall methodology

Waterfall, like Scrum, is ideal for software development. But it also works for any company that wants a simple way to visualize a project. You can break Waterfall down into the acronym RADCTO, for Requirements, Analysis, Design, Coding, Testing, and Operations. You can alter these six steps for any project you have. The waterfall visual comes from a chart that looks like a Kanban with a top-down approach. Once the Requirements stage is done, then it cascades to Analysis, and so on, until the Operations step is complete. Each task is connected to the one before it.

PRINCE2 methodology

Created by the UK government for IT projects, PRINCE2 stands for PRojects INControlled Environments. PRINCE2 defines roles within a project while streamlining management tasks into just a few phases. This project management methodology works through seven project stages: starting, directing, initiating, controlling, managing product delivery, managing a stage boundary, and closing. This project management methodology is great for small teams working together.

Critical Path Method (CPM) 

Use the Critical Path Method (CPM) to identify crucial tasks within a project to prioritize deliverables, track progress, and make sure everyone hits their deadlines. The overall goal is to scale projects to map deliverables accurately, whether your teams work in weekly, monthly, or quarterly goals.

Critical Chain Project Management methodology

Similar to CPM, employing a Critical Chain Project Management (CCPM) methodology gets into more detail compared to CPM. It shows when tasks go over their allotted billable time or deadline using visual elements to highlight when a particular project should be done. This methodology is one of the most comprehensive because it considers profitability and time tracking. CCPM is great for small and large teams to identify problem areas with waste.

PMBOK methodology

PMBOK stands for Project Management Body of Knowledge from the Project Management Institute^[4]. It discusses the best practices for project management, including initiation, planning, execution, performance, and closure. PMBOK offers great foundations, and teams can pair this with another chosen methodology, like Lean or CCPM, to bring their project management to fruition.

Extreme Programming (XP) methodology

Extreme programming (XP) relies on tight deadlines and getting the most usable parts of a software project done. It relies on short project turnarounds with several releases working up to full completion of a project.

How should my company choose a project management methodology?

Each project management methodology is different, and not every one is right for every business. You should look at your business's size, industry, specialization of employees, project complexities and project focus to determine if you need a more generalized approach or project management that captures minute details of time spent on each task.

You may find that two or more methodologies work for your teams, and that’s okay. You don’t even have to standardize the methodology. You can simply create one that is a hybrid of multiple paradigms.