Project Management Methodologies

Managing different aspects like market trend cost and time is a characteristic of effective project manager. Companies outline various strategies and plans to gain projects from other parties. Effective completion of project helps in earning profit for business which is fundamental to covering expenses as well as covering cost of sales.

Different methodologies like waterfall model, six sigma, agile method and prince 2 are available to help in completing project effectively by completing all tasks of project. Project management is elementary in dealing with challenging projects. A successful project management process revolves around scope, cost and time.

Waterfall Process for Project Management

It is one of the most popular project administration process developed in recent times however mostly adopted by small scale businesses as well as construction businesses. It helps by identifying requirements of project which in turn lead to efficient design development.

  • It helps in making project effective by integrating efforts of all team members.
  • In case of any issue identified in process stage it leads to its termination.
  • It is an easy and simple model to create and easily understandable.

  • It helps by clearly identifying objectives of project .
  • It prevents any confusion occurring situation as members following it can quickly review it and can follow it.
  • First step is completed first and other can be started after that task.
  • It is also useful for businesses dealing online.

Agile Process

This project management technique is developed later and mostly adopted by large scale businesses and industries. Major objective and goals of project are not mentioned in the initiation stage.

After one or two work processes meetings are organized with team members who share issues as well as share ideas to improve work processes which ensure project completion on time. This is more effective technique as it helps in sharing views from team members.