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With growth comes responsibility. Becoming a project manager from a team member is what every IT professional aspire for. To successfully handle the portfolio in any profession, a methodical approach leads to create success stories.
It is critical for a project manager to plan the project based on the size of the project, team member’s skill set, project budget, timelines, and most importantly the stakeholders. A wide range of project management methodologies are available to choose from. It is important to choose the right kind of methodology to achieve the required end result. Based on the strengths and weaknesses of the methods, managers may select multiple project management methodologies to fulfill the requirement of various projects.
One can choose from or make a hybrid of some of the below-mentioned methodologies which are widely used by project managers:
Waterfall:
As the name suggests, it is like a waterfall, sequential. This method or approach is used when the project is requirement focussed. It starts with analyzing the requirements, designing the solutions, implementing the solution, and finally fixing the bugs if any.
The project moves in a sequential manner. The second step starts only after the first step is completed. As the maximum time is invested in the beginning/planning/designing of the project, this method is easy to understand and use.
As there is a proper sequence being followed, the documentation process becomes easier making the new resources to take over from it was left by the previous resource. The clear flow of the project can make it easier to execute but at the same time can be risky. In case you find an error or need to make changes in the plan, you will have to start from the first step again.
This method can be adopted for short and simple projects with fixed requirements.
Agile:
As the name suggests, this methodology is flexible, unlike waterfall. As all the projects cannot be planned and may require regular changes based on the stakeholder’s requirements, a fast and flexible approach works the best.
Flexibility also provides creative freedom to experiment and make required changes with the maximum involvement of the stakeholders. Thus the risk of project failure reduces drastically. Having said that, the dependency on getting timely feedback from the stakeholder increases.
The challenge you might face is in managing your resources. More the changes quicker should be the response, thus forcing you to juggle the resources on and off on an ad-hoc basis.
This method can be adopted for open-ended projects which might require quick changes.
Hybrid:
As the name suggests, it is the combination of the above mentioned two methodologies bringing the best of both methods. It is a combination of a structured approach with flexibility. You begin your project by gathering and analyzing the requirements and then continue with a flexible approach of experimenting and making changes as the project progresses.
As the project starts with a structured approach, too many changes might not be possible as you are required to stick to the plan which was made for achieving the required end-result.
This method can be adapted for medium-sized projects with moderate complexities and a fixed budget.
Critical Chain Project Management:
This methodology is highly resource dependant. In a single project environment, The plan is executed in a backward manner wherein you start with recognizing the deliverables. You then map the tasks required to achieve the deliverables and finally assign the task to the resources by mapping their interdependencies.
Each resource can work simultaneously on multiple tasks assigned for deliverables. This is a more focused approach for very complex projects.
