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What Is Project Management and What Are the Types?

Project management can be defined as a skilled method used in organizing and controlling a business process to complete specific goals within a certain time frame, budget, and available resources. It entails organizing activities and materials and making certain that the set goals of a project are achieved in the most efficient manner possible.


Through the use of systematic procedures and frameworks, Project management training the accomplishment of projects in the determined set time, cost, and specifications. This discipline is necessary for numerous fields such as construction, information technology, healthcare, and numerous others where it forms the key area for generating positive results and value creation.


Project Management Business Planning


Types of Project Management


Project management is a field that comprises multiple techniques and strategies for controlling and executing projects. Here are the primary types: 


Waterfall: A cyclic and overlapping method where each stage can only start after the previous has been finished. Suitable for conditions where the work specification is more or less fixed.


Agile: An implementation process that is cyclical and largely based on the flexibility of the technique and customer information. It is suitable for such projects that must be modified constantly and delivered in segments.  


Lean: Emphasizes the idea of achieving the greatest value by avoiding as much wastage as possible in the various activities. It also focuses on speed and operating improvement.

 

Scrum: A version of Agile focusing on the management of the developmental process of large complicated projects with the help of sprints and daily stand-ups. Firstly, it is very systematic and needs input from several people, and is done in cycles.


Kanban: A visual tool that employs the use of boards to define work items and the progress of the work. It assists in controlling interacted and coordinated flow and thus increases productivity.


Critical Path Method (CPM): This is concerned with the process of defining and assigning activities within a project to complete them by their due dates. Specifically, there is one and effective way – EVA, which is good when it is necessary to manage large-scale and dependent processes. 


Six Sigma: The method based on the usage of data to increase the quality of processes by addressing the issues that lead to defects. This type is utilized in the production and service sectors of the economy. 

 

Extreme Programming (XP): One of the types of the Agile process model that focuses on software technical quality and short and regular deliveries. That helps to involve the customer and sustain the process of its improvement. 


Integrated Project Management (IPM): Incorporates elements of different PM methodologies and their tools based on the project characteristics. Therefore, it mainly pays attention to the aspect of process integration across functions to improve project success.


Business Project Management


Business project management as a discipline is crucial in today’s organizations due to the centrality of business projects in organizational strategic planning, development, and implementation for the realization of set goals and objectives. This process allows for an organization’s resources such as time, budget, and manpower to be optimally employed to achieve organizational goals and objectives for a project.


As a critical component of project management, the planning involves setting up comprehensive diluted plans on activities to be executed, resources to be used, and risks to be taken. There comes the execution phase in which strategies discussed in these plans are implemented, and project performance is often checked to see whether it meets certain laid down goals or not. common business.


Example of Project Management


A project that is known well in the management is the creation of a new software application that uses the Agile method. The project begins with the key requirements being gathered and refined into user stories, that are prioritized under business value. Developers, testers, and designers are interdependent for working in sprints; these are cycles that usually take about two to four weeks. In each of the sprints carried out by the team, the emphasis is on achieving certain milestones that are related to the tasks within the project.

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