List Headline Image
Updated by Wrike Team on Dec 28, 2016
Headline for Common PM Methodologies
 REPORT
Wrike Team Wrike Team
Owner
16 items   2 followers   0 votes   61 views

Common PM Methodologies

Choosing a PM Methodology is like choosing which recipe to follow when baking chocolate chip cookies. Each recipe gives you delicious cookies, but the steps, ingredients and techniques are all a little different to suit your tastebuds. You should pick your PM methodology based on your available ingredients: project constraints, timeline, tools, and people.

Source: http://www.wrike.com/blog/05/19/2014/Project-Management-Basics-A-Review-PM-Methodologies-Part-1

1

Adaptive Project Framework (APF)

Adaptive Project Framework (APF)

PRO: This is a good approach for when you know what your goal is and aren't sure of the best way to get there.
CON: Due to its flexibility, the Adaptive Framework may lead to project delays or increased budgets.

2

Agile

Agile

PRO: This approach is beneficial for creative projects with goals that are flexible and can be modified midway.
CON: Timelines and budgets are difficult to define, and stakeholders must have the time and desire to be actively involved in the day-to-day work.

3

Benefits Realization

Benefits Realization

PRO: This approach ensures that your projects contribute real value to the business and deliver the end results your stakeholders care about.
CON: Benefits aren't always exact, measurable, or scientific, so it can be difficult to know if they've been achieved — or if your project actually contributed to that success. You'll need to put careful thought into developing effective metrics to measure the outcomes of your project, such as ROI, process capability, faster delivery times, or higher customer satisfaction.

4

Critical Chain Project Management (CCPM)

Critical Chain Project Management (CCPM)

PRO: Tasks can be collaborated on because you know that all key players are available when you need them.
CON: This approach may not be effective for projects with short deadlines, since CCPM plans build in extra time buffers along the critical chain.

5

Critical Path Method (CPM)

Critical Path Method (CPM)

PRO: Specific dates can be assigned to each task, so managers can compare what should be happening with what is happening on a daily basis. It's optimal for projects with short deadlines.
CON: Critics say a major drawback is that CPM doesn’t consider resource availability in planning, so you may be left with an overly optimistic plan.

6

Event Chain Methodology (ECM)

Event Chain Methodology (ECM)

PRO: By visualizing the relationship between external events and tasks, managers can create more realistic project plans.
CON: It's easy to forget that external events aren't just threats to your project — they can also present opportunities. Don't automatically squash all potential risks and fail to capitalize on fortunate circumstances.

7

Extreme Programming (XP)

Extreme Programming (XP)

PRO: XP is efficient, with a focus on simplicity. Teams work at a sustainable pace, meaning no 80-hour work weeks leading to burnout and low-quality output.
CON: Critics warn that the XP approach's strength lies too much in the ingenuity of unique team members rather than with process itself.

8

Kanban

Kanban

PRO: Kanban helps teams understand where their time is really being spent so you can improve efficiency.
CON: Variations in customer demand — like the start of the holiday season, or a drop-off due to a recall — can make Kanban inefficient, since it’s designed to produce a steady output.

9

Lean

Lean

PRO: This approach is especially helpful if you need to find ways to cut your budget, meet quick deadlines, or get big results with a small team.
CON: Since the ultimate goal is to get things done faster and cheaper, stakeholders need to make prompt decisions and be prepared to stick to those decisions -- weighing options for 2 weeks interrupts the Lean process.

15

Lean Six Sigma

Lean Six Sigma

PRO: In addition to making your projects more efficient and cost effective, Lean Six Sigma keeps employees actively engaged in process improvement, leading to a sense of ownership and accountability.
CON: Lean Six Sigma usually involves major change to the way work gets done, so make sure you -- and company execs, stakeholders, and other managers -- are prepared for the amount of time, effort, and resources needed to be successful with this method.

10

PRINCE2

PRINCE2

PRO: The extensive documentation involved in PRINCE2 projects can be very helpful with corporate planning and performance tracking.
CON: It can be difficult to adapt to project changes, since a lot of effort goes into creating and maintaining those documents and logs at each stage of the process.

11

PRiSM

PRiSM

PRO: Aligning corporate strategy with social responsibility can bolster a company's reputation, plus you could benefit from reduced energy, waste management, and distribution costs.
CON: Environmental responsibility must be a priority at every level of the company -- from executives to managers -- for it to be truly successful.

12

Process-Based Project Management

Process-Based Project Management

PRO: This approach helps ensure that every project aligns with, and adds value to, the organization's strategic vision.
CON: Adjusting every team's projects and processes to fit the mission can be very time-consuming. And it doesn't allow for side projects, so if your company wants to take on tasks unrelated to your values you'll have to revisit your company mission statement first.

13

Scrum

Scrum

PRO: New developments can be tested quickly and mistakes are fixed right away.
CON: Scrum projects are prone to scope creep. Because the team is a close unit, one member leaving can also disrupt the whole project.

14

Six Sigma

Six Sigma

PRO: Six Sigma is a very proactive methodology, and it examines the entire production process to identify process improvements even before defects appear.
CON: This holistic approach may also lead to rigidity in the planning process, which could limit your team's creativity and innovation.

16

Waterfall

Waterfall

PRO: Extensive planning goes into this approach, and this thoroughness often results in more accurate timelines and budgets.
CON: It is difficult to adapt to any project changes — or modify and correct previous steps (water can't run backwards!) — so you'll need to be proactive in anticipating problems before they can affect your flow.