10 Different Project Management Types: Pros, Cons and Ideal Application

Every organization depends on one or two project management types to grow their businesses without confusion. The management of projects uses processes to organize, launch, oversee, and carry out an organization’s projects. With the correct project management approach, you may finish a project on schedule without compromising the project’s outcome. Project management is frequently linked to industries like engineering, business, and, more recently, information technology (IT), and healthcare. These industries frequently require a complicated set of components to be finished and connected in a specific way to produce a usable result.

No matter the sector they work in, project managers mostly have a similar role to play in any project and that is defining the project’s goals and objectives, and deciding when and by whom each component will be finished. In addition, project managers develop quality control standards to ensure that the finished components adhere to the standards. You may choose the best project management methodology if you are aware of the many different forms of project management methods.

This article emphasizes projects that use these types of project management approaches and all their intricacies, benefits, and drawbacks. We will also discuss the difficulties faced by a project manager in carrying out their duties.

But before we dive into it, let us first look at project management and everything that goes with it.

Project Management Definition

In case you are unaware of the project management meaning; Project management is the systematic process of planning, organizing, executing, controlling, and closing a project to achieve specific goals and objectives within defined constraints. It involves coordinating various resources, including human, financial, material, and time, to complete a project efficiently and effectively.

At its core, project management ensures that projects are completed on time, within budget, and according to predefined quality standards. It encompasses a wide range of activities, from defining project scope and objectives to managing risks, communicating with stakeholders, and monitoring progress.

Key Takeaways

Some project management methods may be better for your business than others. To select the ideal project management frameworks for your team, you should consider the specifics of your company and business!

Overview of Project Management

The general stages of the project management process include:

  • Planning
  • Initiating
  • Executing
  • Monitoring, and
  • Closing

Every project needs a comprehensive strategy that illustrates how things will kick off, develop, and successfully conclude. For example, the design begins with an idea in architecture and is developed through sketches, blueprint drafting, and other stages as various small pieces come together. The architect is the one who contributes one puzzle piece of the project. Project managers later assemble everything into a finished product. Every project typically has a budget and a deadline.

Overview of Project Management

To keep everything going smoothly on schedule, and within budget, project management employs a kind of triage procedure. This means that when the project’s timeline approaches, project managers can continue to collaborate with the entire team to complete it on time. To address the unique requirements of sectors or project types, a wide range of project management models have been developed. The three of them are lean, agile, and waterfall.

10 Project Management Types Used by Project Managers

Below are 10 different types of project management methodologies in the industry. These are the most used types by most project managers in the industry.

Project Management Type Quick Look into Woking Mechanism
Waterfall Traditional, linear approach to project management.
Agile Divides projects into phases and brief intervals, called sprints.
Kanban Emphasizes ongoing workflow and productivity.
Scrum Breaks projects down into manageable sprints.
Lean Focuses on efficiency and waste elimination.
Six Sigma Aims to eliminate development defects through data analysis.
Critical Path Method Identifies the trickiest element impacting project completion.
Critical Chains Project Management Places more concern on resources than time.
PRiSM Incorporates sustainable development into projects.
PRINCE2 Project Management Emphasizes structure and organization throughout the project’s lifespan.

 

1. Waterfall

The waterfall project management model is a time-honored, linear approach to project management that has been used for many years. With this approach, a project manager establishes the project’s general requirements before developing a strategy for the project. The stages of the project management procedures are carried out in a rigid sequential manner, much like a waterfall. As an illustration, the team members finish one stage of any project before starting the next. The significance of documentation is the focus of this approach. The major purpose of documentation is to enable a replacement employee to begin work on the project if an exiting employee leaves in the middle of the project.

The biggest advantage of using a waterfall project management framework is that everyone on the team knows what their dues are. This strategy has a big disadvantage in that the client cannot review the project when it is completed. When there are strict criteria and expectations, or when there will not be many changes to the project plan, the waterfall process is typically used. The waterfall approach may be helpful when the financial constraints, regulatory requirements, or other factors require that a project have a defined end or when a particular phase must be completed before the next can begin, just like when designing a house.

Project Management Type Process Pros Cons
Waterfall
  1. Establish project requirements.
  2. Develop project strategy.
  3. Execute project stages sequentially.
  4. Complete documentation for each stage.
  5. Client review upon project completion.
  • Clear understanding of project requirements upfront.
  • Well-defined project milestones and deliverables.
  • Easy to manage due to its sequential nature.
  • Limited flexibility for changes once the project has started.
  • Client cannot review the project until it is completed.
  • High risk of customer dissatisfaction if requirements change.

 

2. Agile

Project Management Types: Agile

The agile method divides a project into several phases and brief intervals, called sprints. Before starting another segment, a project team finishes the previous one. Every project typically includes three to five sprints, and when each sprint is over, the project team reviews the finished work and makes any modifications that are required by the need. Project managers mostly like the agile method because when a client lacks a defined vision and wants to acquire things more quickly. Agile has the benefit of eliminating the need for team planning and allowing the project team to work on projects in portions. Other characteristics include adaptability, planning, and straightforward project method creation. Even though the different agile methodology encourages flexibility, teams may underestimate the cost of project completion.

In other words, projects where you are not going to be able to forecast all factors up front, such as those in firms that expect some degree of volatility, are best for the Agile process. The agile strategy or model is especially popular in the field of application development business because changes are constantly prevalent. You might also use the agile approach when you are launching an innovative product and will not fully be aware of possible issues unless close to the project’s conclusion.

Project Management Type Process Pros Cons
Agile
  1. Divide project into phases and sprints.
  2. Complete one segment before moving to the next.
  3. Review finished work and make modifications.
  • Flexibility to accommodate changes during the project.
  • Quick delivery of incremental project segments.
  • Adaptability to evolving project requirements.
  • Cost of project completion may be underestimated.
  • Requires active client involvement and feedback.
  • May lack detailed planning for long-term project goals.

 

3. Kanban

The Agile methodology called Kanban emphasizes the significance of an ongoing workflow and concentrates more on organizations. Based on the process, the Kanban divides the project into segments and stages. This project management approach emphasizes productivity and workflow visualization while giving your project flexibility. A project manager can obtain visual cues for the various stages of a project by using Kanban boards.

The project team and customer can track task progress with these Kanban boards, which allow you to categorize project phases into “to-do,” “in-progress,” and “done.” Teammates may misuse the board, which can result in errors throughout the development stage of the project. Most managers use cards or the Kanban board in projects that necessitate constant enhancement during the building process of the project. Kanban enables teams to organize and prioritize their work without missing project deadlines. This project methodology is appropriate for a project that has multiple tasks that must be accomplished at once due to the way it visually displays work.

Project Management Type Process Pros Cons
Kanban
  1. Divides project into segments and stages.
  2. Utilizes Kanban boards for visualizing workflow.
  3. Categorizes project phases into “to-do,” “in-progress,” and “done.”
  • Enhances productivity and workflow visualization.
  • Allows flexibility in project management.
  • Helps in organizing and prioritizing work efficiently.
  • Teammates may misuse the Kanban board, leading to errors.
  • Requires constant monitoring to prevent workflow bottlenecks.
  • May not be suitable for projects with strictly defined timelines.

 

4.  Scrum

Project Management Types: Scrum

Using the scrum project management method, self-organizing teams will be able to build complex projects.

The Scrum model works by using 5 principles such as:

  1. Courage
  2. Commitment
  3. Focus
  4. Respect, and
  5. Openness

This is one of the rarely used project management types whose goal is to enhance communication, development speed, and teamwork. This method workss by breaking a project down into manageable sprints and helps a project manager in discussing every detail of the project with his team. Before moving to the following sprint of the project, a team member can make necessary changes, which reduces efforts to modify and help complete a project within deadline and budget. One advantage of utilizing the scrum project management methodology is that every team member focuses on a specific component of the project.

In any case, it may be hard to find a replacement when a team member quits a project. Just like Agile, Scrum is frequently used in projects where frequent changes are expected. It is a powerful technique to handle projects that flourish on change and adaptation.

Project Management Type Process Pros Cons
Scrum
  1. Breaks project into manageable sprints.
  2. Enhances communication and teamwork.
  3. Allows for necessary changes between sprints.
  • Focuses every team member on specific project components.
  • Enhances development speed and adaptability to change.
  • Encourages open communication and collaboration.
  • Difficulty in finding replacements for team members who quit.
  • Requires strong commitment from team members.
  • May not be suitable for projects with rigid timelines.

 

5.  Lean

Lean is among the project management examples that lays more emphasy on efficiency and a customer first approach, letting the project manager accomplish more with minimal resources. This approach helps improve collaboration and waste elimination, and promotes the concepts of Mura, Muda, and Muri.

  • Muda eliminates fewer valuable processes and procedures.
  • Mura removes variables to equalize the workload.
  • And Muri removes excess workload.

This methodology allows organizations to reduce waste and unnecessary processes, which can make a significant impact on an organization’s bottom line. Most manufacturers use the Lean model to manage their projects. One benefit of Lean is that it improves efficiency and reduces project costs.

Project Management Type Process Pros Cons
Lean
  • Muda: Eliminates fewer valuable processes and procedures.
  • Mura: Removes variables to equalize the workload.
  • Muri: Removes excess workload.
  • Emphasizes efficiency and customer-first approach.
  • Improves collaboration and waste elimination.
  • Reduces project costs and improves bottom line.
  • Requires significant cultural and organizational change.
  • May be challenging to implement in non-manufacturing environments.
  • Initial investment in training and implementation.

 

6.  Six Sigma

One of the main targets of the quality management technique of Six Sigma is to eliminate development defects. The first step is locating and eliminating the root cause of the errors. The project quality output is consistent, all thanks to this method. Project managers set up quality control methods that rely on empirical and statistical data in the Six Sigma process to cut down on errors in the system. When a company applies the Six Sigma approach, it employs two project management examples namely:

Project Management Types: Six Sigma

  • DMAIC: It refers to identifying a problem, gauging the effectiveness of present procedures, examining data to find potential flaws, enhancing the procedure, and regulating future project execution by an organization.
  • DMADV: An issue must be defined, the project’s important components must be measured, data must be analyzed to create designs, new procedures must be created, and the project’s quality must be confirmed.

The fact that Six Sigma works by analyzing and interpreting data gives an organization the chance to organize and analyze its data to accomplish a project. This project management approach is driven by data. It can assist a company or project manager in determining the demands of the client. Start-ups and small businesses rarely choose Six Sigma due to greater employee training and implementation cost requirements.

Project Management Type Process Pros Cons
Six Sigma
  • DMAIC: Identifying a problem, gauging the effectiveness of present procedures, examining data to find potential flaws, enhancing the procedure, and regulating future project execution by an organization.
  • DMADV: Defining an issue, measuring the project’s important components, analyzing data to create designs, creating new procedures, and confirming the project’s quality.
  • Focuses on eliminating development defects.
  • Provides consistent project quality output.
  • Relies on empirical and statistical data for quality control.
  • Requires significant employee training and implementation costs.
  • May not be suitable for start-ups and small businesses.
  • Requires a data-driven approach, which may not align with all projects.

 

7. Critical path methodology

A list of tasks requiring complicated processes is created using CPM method, and dependencies are established between these tasks. It aids in identifying the trickiest element that can adversely impact project completion. Teams that use CPM determine how long each task will take to complete and how much work will be needed to finish a project. This aids in developing a project’s overall plan and gives the client a precise project timetable.

CPM is typically preferred for projects with a set of well-defined activities that must be completed in a specific order. The CPM approach is frequently used in construction projects since each team member is aware of their responsibilities and is familiar with each task’s timeframe. However, if a client asks for a change when the project is still in the planning stages, it may throw the entire schedule off.

Project Management Type Process Pros Cons
Critical Path Methodology
  • A list of tasks requiring complicated processes is created.
  • Dependencies are established between these tasks.
  • Teams determine how long each task will take to complete and how much work is needed.
  • Develops a project’s overall plan and provides a precise project timetable.
  • Helps in identifying the trickiest element that can adversely impact project completion.
  • Preferred for projects with well-defined activities that must be completed in a specific order.
  • Frequently used in construction projects.
  • If a client asks for a change during the planning stages, it may disrupt the entire schedule.
  • Requires careful management of dependencies and timelines.

 

8. Critical chains project management

The CCPM model is a contender of CP since it places more concern on resources such as people, physical space, and equipment than CPM does on time. After establishing task dependencies and setting the initial project schedule, this project management technique is put into action. Project managers can select their staff and resources while staying under a set spending limit as a result.

Multitasking is not encouraged by this approach. Instead, this project methodology example emphasizes the significance of the pressing duties at hand. Utilizing CCPM has the benefit of aiding in resource conservation and making sure that the project stays within a set budget. CCPM can be used by a team that only works on one project at a time, despite its many benefits.

Project Management Type Process Pros Cons
Critical Chains Project Management
  • Focuses more on resources like people, physical space, and equipment.
  • Establishes task dependencies and sets the initial project schedule.
  • Project managers select staff and resources within a set spending limit.
  • Emphasizes the significance of pressing duties over multitasking.
  • Aids in resource conservation.
  • Helps ensure the project stays within a set budget.
  • Suitable for teams working on one project at a time.
  • May not be suitable for projects with multiple simultaneous tasks.
  • Requires careful management of resources and scheduling.

 

9. PRiSM

Project Management Types: PRiSM

A sort of sustainable project management known as PRiSM, or (Project Incorporating Sustainable Model), is one essential aspect of the project management types that enables an organization to implement sustainable development to complete every project. This helps both the organization and society. PRiSM-using organizations focus more on the environment, people, prosperity, process, and product. When working on various initiatives, organizations can use this method to lessen their detrimental ecological and social impact.

Project Management Type Process Pros Cons
PRiSM (Project Incorporating Sustainable Model)
  • Focuses on sustainable development for every project.
  • Emphasizes environmental and social impact reduction.
  • Considers aspects like environment, people, prosperity, process, and product.
  • Promotes sustainable practices and reduces ecological footprint.
  • Contributes positively to society and the environment.
  • Helps organizations align with sustainable development goals.
  • May require additional resources for sustainable initiatives.
  • Implementation may be challenging in certain industries or contexts.
  • Requires commitment and cultural change within the organization.

 

10. PRINCE2 project management

Amongst the different types of project management system, the PRINCE2 methodology (Projects in Controlled Environments) emphasizes structure and organization throughout the project’s lifespan. Before a project can be started under PRINCE2, it must have an enterprise justification that includes a thorough cost evaluation and baseline criteria. The project is divided into phases with enough time for inspection and reflection, and team members’ roles and duties are well defined.

The PRINCE2 methodology emphasizes a planned and managed process while still allowing for adjustments as needed. Team members can learn from ongoing projects and apply these concepts to future projects by taking the time to reflect on each stage. However, the meticulous approach frequently necessitates much documentation and might be slower than many other project management techniques.

Project Management Type Process Pros Cons
PRINCE2 (Projects in Controlled Environments)
  • Emphasizes structure and organization throughout the project’s lifespan.
  • Requires enterprise justification with thorough cost evaluation and baseline criteria.
  • Divides the project into phases with time for inspection, reflection, and well-defined team roles.
  • Ensures a planned and managed process with flexibility for adjustments.
  • Facilitates learning from ongoing projects and applying concepts to future ones.
  • Provides clear roles and responsibilities for team members.
  • Requires meticulous documentation, which can be time-consuming.
  • May be slower compared to other project management techniques due to its detailed approach.
  • Could be perceived as overly rigid in certain contexts.

These are the most used project management models in the world today. We earlier mentioned their importance in the IT and business sectors, but some of them are also the most used types of project management in construction services around the world today.

Selecting A Project Management Approach for Your Company

Of course, you and your team might discover that combining different project management approaches is the ideal option. Beyond the 10 major project management types mentioned above, there are additional choices that might suit you better. Organizations have had the best success with a project management strategy that combines incremental and process-based methods. Most projects can be intricate, extensive endeavors with flexible criteria that alter as the project progresses. This approach is combined with process-based management by the author to build out business flowcharts and technology flowcharts that can be designed to scale in parallel with other processes.

In conclusion, there is no one-size-fits-all approach to project management. Do not be afraid to combine components of 2 or even more project management techniques depending on the types of project. Keep in mind the abilities and requirements of your project, team, and business.

Project Management Approach Ideal Application
Waterfall Projects with well-defined requirements and limited changes.
Agile Projects where requirements are expected to change frequently.
Kanban Projects requiring continuous workflow and flexibility.
Scrum Complex projects needing iterative development and teamwork.
Lean Efficiency-driven projects focusing on waste reduction.
Six Sigma Projects requiring data-driven quality improvement.
Critical Path Method Projects with well-defined sequences of tasks.
Critical Chains Project Management Projects with emphasis on resource optimization and budget constraints.
PRiSM (Project Incorporating Sustainable Model) Projects with sustainability goals and environmental focus.
PRINCE2 Project Management Projects requiring structured, organized approaches.

 

What Characterizes an Effective Leader in A Project Manager?

What Characterizes an Effective Leader in A Project Manager?

Even if your business adheres to a particular project management approach in its entirety, the person in charge of the project determines how it turns out. To successfully lead the project and team members to completion, a project manager must have or develop several leadership traits and project management skills.

Excellent interpersonal and communication skills are essential for a project manager. They must be able to effectively communicate objectives, deadlines, and the project’s overall scope to their team, which is made up of individuals with various jobs and personalities. They must also work to earn people’s trust, both individually and collectively. To achieve this, project managers must show that they are competent and committed to preserving both the company’s and their ideals.

Additionally, a particular temperament is needed for effective project management. Project managers must keep a positive outlook and maintain team focus on the current project. They must be capable of making thoughtful choices and accepting responsibility for the results. This implies a project manager must maintain composure under pressure while resolving issues as they emerge promptly and creatively.

Your project and your business will succeed if you or your project manager cultivate these leadership qualities and use a good project management approach that fits the requirements of your project and team.

Conclusion

To create a product, for example, someone must design it, someone must build it, someone must assess it, someone must market it, etc, which makes these project management types essential blueprints for businesses. Therefore, product marketers and product testers, with the help of specific project management tools, will understand what they can expect and when to—including what to achieve if the project reaches their respective severities.

Frequently Asked Questions

Below are some of the commonly asked questions regarding Project Management Types:

What is Project Management Methodology?

Project management methodology refers to a structured framework guiding project planning, execution, and control. It encompasses principles, practices, and tools like Waterfall, Agile, and Lean to ensure project success and efficiency.

What are the four types of project management?

The four broadest categories of project management techniques are data collection and analysis, estimating, meetings, and others (since anything else always merits its category).

What is the most popular project management methodology?

The fact that it is a sequential, linear procedure where each phase in the project awaits the preceding one to be completed before it can start, the primary project management approach is waterfall.

What are the 4 types of project life cycle?

Predictive, iterative, incremental, and Agile life cycles are the 4 types of project life cycles and depending on the organization and nature of the project, a project will go through one of them by the time it is finished. They are all effective project management strategies that include various phases and results based on the goals and degree of complexity of the project’s scope.

What is the 4p strategy model?

Successful marketers and businesses frequently consider the 4Ps when developing marketing plans and strategies to successfully market to their target audience. The 4ps are a “marketing mix” made up of 4 key factors—and they are product, price, place, and promotion.

What is the 5-step model of leadership?

Positioning, Permission, Producing, People Development, and the Pinnacle model are the 5 steps of the leadership model, and these abilities can assist project managers in developing their professional skills, forming, and sustaining relationships, and raising their earning potential.

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